14. The Clifton partnership, a calendar year partnership, incurs and pays the following costs on June 1,
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14. The Clifton partnership, a calendar year partnership, incurs and pays the following costs on June 1, 2018, its first taxable year:
Item | Amount | |
Legal fees for drafting the partnership agreement | $24,000 | |
Printing marketing brochure | $5,000 | |
State filing fees for the documents | $16,000 |
Accounting fees to set up the books $13,000
If the Clifton partnership makes a proper election, what is the maximum total deduction which it may take for the above costs on its 2018 partnership return?
A. | $3,983 | |
B. | $2,283 | |
C. | $2,256 | |
D. | $6,867 |
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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