Question

A sole proprietorship that began business May 1, 2018, incurred $7,500 of startup expenses. If the business elects to report the maximum amount of startup costs as a current expense, what is the amortization amount reported as an "other expense" on Schedule C?

Answer 1

A sole proprietorship that began business May 1, 2018, incurred $7,500 of startup expenses. If the business elects to report the maximum amount of startup costs as a current expense, what is the amortization amount reported as an "other expense" on Schedule C?

Step-by-step explanation: