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Level 3
Apr 15, 2024 3:30 PM UTC
Question

Closing a business

If a close a business, and we amortized start-up costs, where do I recapture the startup cost that has been taken to date?   Or do I have to?   The system indicates of course that Dispositions of intangible cannot be entered as a section 1245 property.

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1 reply

Camp1040
Level 10
Apr 15, 2024 3:41 PM UTC

You generally expense the unused start up cost in the year of closing.