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Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2021. Alt incurred and paid the following in 2021: Legal fees to prepare the partnership agreement Accounting fees to prepare the representations in offering materials $12,000 15,000 Alt elected to amortize costs. What was the maximum amount (ignoring any immediate expensing allowed) that Alt may deduct on the 2021 partnership return? O $0

Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2021. Alt incurred and paid the following in 2021: Legal fees to prepare the partnership agreement Accounting fees to prepare the representations in offering materials $12,000 15,000 Alt elected to amortize costs. What was the maximum amount (ignoring any immediate expensing allowed) that Alt may deduct on the 2021 partnership return? O $0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2021. Alt incurred and paid the following in 2021: Legal fees to prepare the partnership agreement Accounting fees to prepare the representations in offering materials 15,000 Alt elected to amortize costs. What was the maximum amount (ignoring any immediate expensing allowed) that Alt may deduct on the 2021 partnership return? 50 $3,000 $200 $12,000 $6.750
Transcribed Image Text:Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2021. Alt incurred and paid the following in 2021: Legal fees to prepare the partnership agreement Accounting fees to prepare the representations in offering materials 15,000 Alt elected to amortize costs. What was the maximum amount (ignoring any immediate expensing allowed) that Alt may deduct on the 2021 partnership return? 50 $3,000 $200 $12,000 $6.750
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