Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $35,000 of expenses associated with this investigation. Based on the regulatory environment for hotels in the city, she decides not to expand. During the year, she also investigates opening a restaurant that will be part of a national restaurant chain. Her expenses for this are $53,000. She proceeds with opening the restaurant, and it begins operations on September 1. Determine the amount Henrietta can deduct in the current year for investigating these two businesses.

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08-03-2021
Business

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Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $35,000 of expenses associated with this investigation. Based on the regulatory environment for hotels in the city, she decides not to expand. During the year, she also investigates opening a restaurant that will be part of a national restaurant chain. Her expenses for this are $53,000. She proceeds with opening the restaurant, and it begins operations on September 1. Determine the amount Henrietta can deduct in the current year for investigating these two businesses.

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Munaliidn Munaliidn · Answer 1 · 2021-03-10T02:07:43-05:00

Munaliidn Munaliidn

10-03-2021

Answer:

Henrietta can deduct $35,000 for the expenses which she has incurred for the investigation.

Explanation:

Henrietta has incurred expenses for investigating the expenses about opening a new restaurant. She has incurred $35,000 of expense for the investigation about the expansion of its business. She can deduct this expense from her current business.

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