On july 1 of the current year the r amp r partnership an, Ask an Expert

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On July 1 of the current year, the R & R Partnership (an LLLP) was formed to operate a bed and breakfast inn. The partnership paid $3,000 in legal fees for drafting the partnership agreement and $5,000 for accounting fees related to organizing the entity. It also paid $10,000 in syndication costs to locate and secure investments from limited partners. In addition, before opening the inn for business, the entity paid $15,500 for advertising and $36,000 in costs related to an open house just before the grand opening of the property. The partnership opened the inn for business on October 1.

a. How are these expenses classified?

b. How much may the partnership deduct in its initial year of operations?

c. How are costs treated that are not deducted currently?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9960808

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