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JLK Partnership Incurred $15,000 of Organizational Costs and $75,000 of Startup

Question 7

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JLK Partnership incurred $15,000 of organizational costs and $75,000 of startup costs in 2011. JKL may deduct $5,000 each of organizational and startup costs, and the remaining costs ($10,000 of organizational costs and $70,000 of startup costs) may be amortized over 180 months.

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