Osha, a cash basis calendar-year partnership, began business on April 1, 20X5. Osha incurred and paid the following during 20X5: Legal work associated with formation of the partnership Accounting work associated with raising additional capital What is the maximum amount of deductible organizational costs on Osha's 20X5 partnership return? $5,000 $5,513 $5,684 $6,013 a. b. $15,260 C. d. 10,000
Osha, a cash basis calendar-year partnership, began business on April 1, 20X5. Osha incurred and paid the following during 20X5: Legal work associated with formation of the partnership Accounting work associated with raising additional capital What is the maximum amount of deductible organizational costs on Osha's 20X5 partnership return? $5,000 $5,513 $5,684 $6,013 a. b. $15,260 C. d. 10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Osha, a cash basis calendar-year partnership, began business on April 1, 20X5. Osha incurred and paid the
following during 20X5:
Legal work associated with formation of the partnership
Accounting work associated with raising additional capital
What is the maximum amount of deductible organizational costs on Osha's 20X5 partnership return?
$5,000
$5,513
$5,684
$6,013
a.
b.
$15,260
C.
d.
10,000
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