(4 points) A new vintage clothing store began operating with…
(4 points) A new vintage clothing store began operating within 2024. Its is organized as a corporation, operates over a calendar year tax period, and opened its doors (began business) on April 1, 2024. Assume the total amount of start-up costs for the company was $25,000 and for organizational expenditures was $20,000. What amount of the start-up costs can be immediately expensed in 2024? Of the portion of these start-up costs that could not be immediately expensed, how much amortization expense can the business claim for 2024?