What is the allowable deduction for organizational costs, Accounting Basics

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What is the allowable deduction for organizational costs

Question: A and B formed a calendar-year partnership on April 1 of the current year. Certain costs were incurred before beginning business September 1 of the current year: Legal fees in drawing up agreement $ 900 Cost of placing notice required by local law in newspapers 600 Commissions paid to sell limited partners' interests 5,400 Costs of filing with the state 300 What is the allowable deduction for organizational costs in the current year? A. $1,800 B. $90 C. $40 D. $20

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Accounting Basics: What is the allowable deduction for organizational costs

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