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How much amortization should the partnership deduct

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    Assignment ID: FG132764744

    Question: The NFL Partnership, a calendar year entity, is formed and begins business on June 1 of the current year. NFL incurs the following expenditures on the date the partnership is? formed:

    Legal fees incident to the organization of the partnership $7,000

    Printing costs associated with the syndication of the partnership 4,500

    Brokerage fees associated with underwriting efforts to sell limited partnership interests 5,100

    Legal fees associated with asset transfers by three partners 19,000

    Accounting services incurred during the organizational period 9,700

    a. What is the appropriate tax treatment? (i.e., capitalization, capitalization subject to amortization, or immediate expensing) for each of these items?

    b. How much amortization should the partnership deduct for the current year?

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