TEC Partners Was Formed During the Current Tax Year

Multiple Choice

TEC Partners was formed during the current tax year. It incurred $10,000 of organizational expenses, $80,000 of startup expenses, $200,000 of syndication costs, and $5,000 of transfer taxes to retitle property contributioned by a partner. Which of the following statements is correct regarding these payments?

A) TEC may deduct $5,000 of the syndication costs; the remaining amount must be amortized.
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 add the transfer tax to the basis of the contributed property.
E) None of the above statements are true.