Maurice Tutor

(5)

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 7.00

TEC Partners

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's deducts the first $5,000 of startup expenses and amortizes the remainder over 180 months.  
  b. TEC treats the contributed property as a new MACRS asset placed in service on the date the property title is transferred.  
  c. TEC must capitalize the transfer tax and treat it as a new asset placed in service on the date the property is contributed.  
  d. TEC must amortize the $10,000 of organizational expenses over 180 months.  
  e. None of these statements are true.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 11:08 PM My Price 7.00

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