Tec partners was formed during the current tax year. it incurred $10,000 of organizational expenses, $80,000 of startup expenses, and $5,000 of transfer taxes to retitle property contributed by a partner. the property had been held as macrs property for ten years by the contributing partner, and had an adjusted basis to the partner of $300,000 and fair market value of $400,000. which of the following statements is correct regarding these items? a. tec’s deducts the first $5,000 of startup expenses and amortizes the remainder over 180 months. b. tec treats the contributed property as a new macrs asset placed in service on the date the property title is transferred. c. tec must capitalize the transfer tax and treat it as a new asset placed in service on the date the property is contributed. d. tec must amortize the $10,000 of organizational expenses over 180 months. e. none of these statements are true.
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Tec partners was formed during the current tax year. it incurred $10,000 of organizational expenses,...
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