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What is the maximum amount that baltic may deduct

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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

Reference no: EM131665447

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