Business, 16.04.2020 20:08 grace9874

Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2019. Alt incurred and paid the following in 2019: Legal fees to prepare the partnership agreement $12,000 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 2019 partnership return?

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Alt Partnership, a cash-basis, calendar-year entity, began business on October 1, 2019. Alt incurred...

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