In the current year the GHI partnership incurs $60,000 of expenses that qualified as organizational expenses. GHI
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Question:
In the current year the GHI partnership incurs $60,000 of expenses that qualified as organizational expenses. GHI is a calendar year partnership and begins business in November of the current year. How much is GHI’s deduction of the organizational expenses in the current year, assuming it elects the maximum of each?
a. $0
b. $5,000
c. $10,000
d. None of the above
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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