Are we good to go... (Start-Up Costs)

[rfk]

on deducting start-up expenses at or below $5,000 relative to "current" tax law. The law talks about this and that, but does not mention if the $5,000 is still a good number. I know that anything greater than $5,000 is over 180 months but still want to see clear evidence about the first $5,000 for start-up costs after September 8, 2008.

Can someone please make comment?

Thanks

rfk

[solomon]

on deducting start-up expenses at or below $5,000 relative to "current" tax law. The law talks about this and that, but does not mention if the $5,000 is still a good number. I know that anything greater than $5,000 is over 180 months but still want to see clear evidence about the first $5,000 for start-up costs after September 8, 2008.

Can someone please make comment?

Thanks

rfk

Your evidence is in §1.195-1t.

[rfk]

Okay

However, the law pertains to Oct. 22, 2004 and there is a new date of Sept. 8, 2008, so I did not know if there was an actual change to the $5,000 figure for start-up expense, based on the 9/08/08 date. It was not clear to me.

rfk

[solomon]

However, the law pertains to Oct. 22, 2004 and there is a new date of Sept. 8, 2008, so I did not know if there was an actual change to the $5,000 figure for start-up expense, based on the 9/08/08 date. It was not clear to me.

rfk

No change as of the date of your concern in the current Reg.

In the previous discussion on the Small Business Bill (HR 5297) that passed the Senate and is back in the House,
one item that was not mentioned is the $5K and $50K would go to $10K and $60K starting in 2010.