I own an established company that makes parts for construction equipment. We recently discovered a business opportunity developing and manufacturing upgrade parts for a certain type of popular fishing boat. In order to be sure that these upgrades will fit and function the way we anticipate- we need to purchase one of these boats. The boat would be used for designing new products and test fitting ideas that we currently have. Would the purchase of one of these boats qualify as a research & experimental deduction? Thanks in advance!
Federal Taxes: Can You Take a Tax Deduction for a Product Purchased for Research and Experimention
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