Marilyn, a promoter, incurs certain costs in connection with forming a limited partnership to invest in real estate and marketing the limited partnership interests. These costs include legal fees to organize the partnership, accounting fees, and filing fees totaling $20,000. Other costs totaling $80,000 were incurred to cover certain broker, legal, and underwriting fees to sell the interests. To what extent are any of these expenses deductible?

Answer rating: 100% (QA)

Some expenses must be capitalized rather than deducted These charges are referred to as ... View the full answer