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Ms Client opened her first bicycle shop (Schedule C) on August 1, 2020

Law

Ms Client opened her first bicycle shop (Schedule C) on August 1, 2020. Here is the complete list of expenditures she made earlier during 2020toward achieving this dream:

• $800,000, all-in cost of land on which to build

• $260,000, all-in cost of building construction

• $90,000, computers, furniture, display racks, signage, tools & equipment, etc. (usual bike shop PP&E)

• $75,000, opening-day inventory

• $24,500, attorneys' and CPA fees

• $8,000, travel (trips to bicycle manufacturers' plants, bicycle trade shows, etc.), excluding meals

• $450, local transportation (standard mileage rate, parking, tolls) 

• $9,000, pre-opening employee wages (training, etc.)

• $7,000, advertising

• $1,600, prepaid "Grand Opening Bash" expenses

• $800, utilities

Calculate and state Ms. Client's 2020 start-up cost deduction. Add commentary explaining / defending your calculation(s).

 

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