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Business, 13.12.2019 01:31 dorothylankford3823

Candlewood llc started business on september 1, and it adopted a calendar tax year. during the year, candlewood incurred $6,500 in legal fees for drafting the llc’s operating agreement and $3,000 in accounting fees for tax advice of an organizational nature, for a total of $9,500 of organizational costs. candlewood also incurred $30,000 of preopening advertising expenses and $24,500 of salaries and training costs for new employees before opening for business, for a total of $54,500 of startup costs. the llc wants to take the largest deduction available for these costs. how much can candlewood deduct as organizational expenses? as startup expenses?

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Candlewood llc started business on september 1, and it adopted a calendar tax year. during the year,...
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