Basic Partnership, a cash-basis calendar-year entity, began business on February 1, 2007. Basic incurred and paid the
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Basic Partnership, a cash-basis calendar-year entity, began business on February 1, 2007. Basic incurred and paid the following in 2007:
Filing fees incident to the creation of the partnership | $ 3,600 |
Accounting fees to prepare the representations in offering materials | 12,000 |
Basic elected to deduct costs. What was the maximum amount that Basic could deduct on the 2007 partnership return?
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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