Franchise Fee

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  • pmedders
    Senior Member
    • Nov 2005
    • 107

    #1

    Franchise Fee

    Client went into business in 2002 and paid $18,935 franchise fee, which was set up as a 15 year amoritization. In September 2005, he ended business due to losses in previous years and going further in hole in 2005. Remaining amortization of $15,884 can be written off as loss in 2005, correct??
    peggysioux
  • veritas
    Senior Member
    • Dec 2005
    • 3290

    #2
    Yes

    It would be a loss on 4797.

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