The MNO Partnership, a Calendar Year Taxpayer, Was Formed on July

question 59

True/False

The MNO Partnership, a calendar year taxpayer, was formed on July 1 of the current year and started business on October 1. MNO incurred $30,000 in startup costs. MNO may deduct $5,000 and amortize the remaining $25,000 over 120 months starting in July.

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Definitions:

Nature

Encompasses the natural world, including plants, animals, the landscape, and other features and products of the earth, as opposed to human creations.

Limiting Abiotic Factors

Non-living environmental elements that restrict the growth, distribution, or abundance of organisms, such as temperature, water availability, and nutrients.

Biotic Potential

The upper limit of reproductive ability for an organism when conditions in the environment are perfect.