Multiple Choice
Toby,owner of a cupcake shop in New York,had been considering opening a similar business (i.e.,a cupcake shop) in Phoenix.After spending $6,800 investigating such possibilities in Phoenix,Toby decided against opening the store on July 1.What is the maximum amount of deduction for the current year attributable to these expenditures?
A) $0
B) $5,000
C) $5,600
D) $6,800
Correct Answer:
Verified
Correct Answer:
Verified
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