Which of the following expenses qualify as organizational ex

Which of the following expenses qualify as organizational expenses under IRC Sec 709 and may be deductible?

Legal fees for negotiation of partnership agreement?

Accounting fees for representations in offering materials?

Filing fees?

Accounting fees for services incident to organizing the partnership?

Fees for tax opinions in the partnership prospectus?

Solution

Under IRC Sec 709, the amount of organizational expenses with respect to the partnership are deductible.

Hence Legal Fees for negotiation of partnership agreement may be deductible under the section.

Thus the first option is correct.