please show all work 7. In May of the current...
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Accounting
please show all work 
7. In May of the current year, Steve began investigating the possibility of opening a large auto body shop. From May through August, he spent $1,500 on a market survey, $3,500 in consulting fees to find the best location and $4,500 in professional fees setting up an accounting and inventory parts system. Although he had never run his own business before, on September 1 he opened his doors for business. What is the maximum amount of deduction for the current year attributable to these expenditures? A) $0 B) $5,000 C) $5,100 D) $8,600
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