Solved
New Business
I have a new business in 2022 and only had 300,000 in franchise rights and 10,000 in other expenses. What is the best way to prepare the 1065 and the K1s for this company?
Were you open for business in the 2022 tax year?
If you were not open for business, then the franchise fee the partnership paid would be a startup cost (Section 197 intangible) and subject to cost recovery (as would the other expenses) after you are officially open for business.
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