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What is the maximum total deduction which it may take

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Reference no: EM132960261

Question - The Clifton partnership, a calendar year partnership, incurs and pays the following costs on June 1, 2018, its first taxable year:

Item Amount

Legal fees for drafting the partnership agreement $24,000

Printing marketing brochure $5,000

State filing fees for the documents $16,000

Accounting fees to set up the books $13,000

If the Clifton partnership makes a proper election, what is the maximum total deduction which it may take for the above costs on its 2018 partnership return?

A. $3,983

B. $2,283

C. $2,256

D. $6,867

Reference no: EM132960261

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