Question
A partnership incurs the following expenditures, all of which relate to its organization: Legal costs to draft the operating agreement $45,000 Organizational meetings 1,500 Accounting
A partnership incurs the following expenditures, all of which relate to its organization:
Legal costs to draft the operating agreement
$45,000
Organizational meetings
1,500
Accounting fees
5,000
If the partnership begins operations on June 1, 2019, what, if anything, can it deduct on its initial tax return related to these expenditures?
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Ethics in Accounting A Decision Making Approach
Authors: Gordon Klein
1st edition
1118928334, 978-1118928332
