A sole proprietorship that began business May 1, 2017, incurred 8,5000 of start up expenses if...

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A sole proprietorship that began business May 1, 2017, incurred 8,5000 of start up expenses if...

A sole proprietorship that began business May 1, 2017, incurred 8,5000 of start up expenses if the business elect to report the maximum amount of start-up costs as a current expense, what is the amortization amount reported as an other expense on Schedule C

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Answer 1

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Ans- Amortization amount reported as a "other expense" on Schedule C= (8,500-5,000)180*8= 156 (Rounded off)

Maximum permissible amortization startup expenses can be $5,000.

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Answer 2

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