Organization Costs of a Partnership Can Be Deducted When Incurred

question 1

True/False

Organization costs of a partnership can be deducted when incurred or paid, or they can be amortized on a straight-line basis over a period not to exceed 60 months, provided the partnership files the proper election.

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Definitions:

Cesar Chavez

An American labor leader and civil rights activist who co-founded the United Farm Workers union, playing a key role in the Chicano movement.

Supreme Court

The highest judicial court in the United States, which has the ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Loving V. Virginia

A landmark 1967 Supreme Court case that declared state laws banning interracial marriage unconstitutional, thus allowing Richard and Mildred Loving, and others like them, to legally marry.