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Old 02-04-2009, 10:08 AM
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Franchise Fees and Closing Business

I owned a franchise for just less than a year and closed it down. I amortized the initial franchise fee over 15 years for the portion of 2007 that the business was running. Now that it is closed, can I take the remainder of the franchise fee for 2008 as a deduction rather than continuing the amortization schedule? How do I do that?

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