Taxpayers can deduct the ﬁrst $5,000 of start-up expenditures incurred during the ﬁrst year of operations.

Name: Taxpayers can deduct the ﬁrst $5,000 of start-up expenditures incurred during the ﬁrst year of operations.
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Question

Quizplus · Accepted Answer

Only start-up costs incurred through the beginning of operations are deductible and only if the corporation's total organizational costs do not exceed $50,000 can the ﬁrst $5,000 of such costs be deducted

Taxpayers Can Deduct the ﬁRst $5,000 of Start-Up Expenditures Incurred