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The RT Limited Partnership incurs the following expenses during the time that the partnership is ...

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The RT Limited Partnership incurs the following expenses during the time that the partnership is ...

The RT Limited Partnership incurs the following expenses during the time that the partnership is being organized:

Attorneys' fees:
   For drawing up the partnership agreement   $10,000
   For advice on marketing the partnership interests on a stock exchange   14,000

Accountants' fees:
   For establishing the accounting system   6,000
   For the first quarter's bookkeeping   600

What is the maximum amount that the partnership can deduct as an organization and syndication expense for the first year in which the partnership begins business, assuming the business began on October 1?

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

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