Question - Baltic Partnership, a cash basis calendar year entity, began business on April 1, 20X6. Baltic incurred and paid the following in 20X6:
Legal and accounting fees relative to the formation of the partnership $52,000
Brokerage and registration fees relative to promoting and marketing partnership interests $20,000
What is the maximum amount that Baltic may deduct on the 20X6 partnership return?
a. $72,000
b. $7,800
c. $6,267
d. $5,450