Basic Partnership, a cash-basis calendar-year entity, began business on February 1, 2007. Basic incurred and paid the following in 2007:
|
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 deduct costs. What was the maximum amount that Basic could deduct on the 2007 partnership return?
- $15,600
- $ 3,600
- $ 660
- $ 220