Renard is starting a book binding business in South Texas
Renard is starting a book binding business in South Texas. He has spent the last two years organizing legal documents and securing a space in which to operate his business. In March of 2017, Renard expects to open his new business. In total, Renard has spent $75,000 getting legal documents organized and $65,000 getting set up. When and how much of these start up expenses are deductible for tax purposes?**Was given the following Revenue Ruling to start research*Rev. Rul. 81-150, 1981-1 CB 119Could use tax codes, cases, rulings, etc. as sources
