Business, 02.06.2020 13:57 rileyeddins1010
Candlewood LLC started business on September 1, 2019, and adopted a calendar year. During 2020, 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.
If required, round any division to five decimal places and use in subsequent computations. Round your final answers to the nearest dollar.
In 2019, the LLC may deduct $ as organizational expenses and $ as startup expenses.
Answers: 3
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Candlewood LLC started business on September 1, 2019, and adopted a calendar year. During 2020, Cand...
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