Meredith and martin form the cash-basis calendar-year mm

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Meredith and Martin form the cash-basis, calendar-year MM Partnership on July 1 of the current year. They purchase equipment and a building and incur substantial legal costs in forming the partnership. Under state law they paid a transfer tax on acquistion of the building. They spent July and August renovating the building, buying inventory, and planning and advertising for their "grand opening" on September 1.What elections should MM file in its initial tax return with respect o these costs?

Reference no: EM13599148

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