Business investigation expenses incurred by a taxpayer who is already involved in a similar business and who enters the new business are deductible currently.

Question

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According to IRS publication 535, "Business investigation expenses incurred in the course of a taxpayer's existing trade or business are currently deductible if the expenses are related to a new trade or business that the taxpayer intends to start or acquire."

Business Investigation Expenses Incurred by a Taxpayer Who Is Already