TEC Partners Was Formed During the Current Tax Year

question 155

Multiple Choice

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 treats the contributed property as a new MACRS asset placed in service on the date the property title is transferred.
• B)TEC must amortize the $10,000 of organizational expenses over 180 months.
• C)TEC's startup expenses are amortized over 60 months.
• D)TEC must capitalize the transfer tax and treat if as a new asset placed in service on the date the property is contributed.
• E)None of the above statements are true.

Identify economic relevance of protists.

Explain how eukaryotic cells exchange materials with their environment and the implications for cellular functions.

Analyze evidence supporting the ease of multicellularity evolution.

Explore the consequences of asexual reproduction in diatoms.

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Definitions:

White Matter

Brain and spinal cord tissue composed primarily of myelinated nerve fibers, which facilitate communication between different parts of the nervous system.

Dendrites

Branch-like structures of neurons that receive messages from other neurons.

Axons

Long, threadlike structures in neurons that transmit electrical signals from the cell body to other neurons or muscles.

Mood Disorders

A category of mental health disorders characterized by a significant disturbance in a person's mood, such as depression or bipolar disorder.