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How much amortization should the partnership deduct

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Reference no: EM132764744

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?

Reference no: EM132764744

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