Basic Partnership, a cash-basis, calendar-year entity, began business on February 1, 2016. Basic incurred and paid the following in 2016: Filing fees incident to the creation of the partnership-$ 3,600 Accounting fees to prepare the representations in offering materials-12,000 Basic elected to amortize costs. What is the maximum amount that Basic may deduct on the 2016 partnership return?
a) $3,300
b) $3,600
c) $5,000
d) $0
Ans: b) $3,600
Business
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