JLK Partnership Incurred $6,000 of Organizational Costs and $50,000 of Startup

True/False

JLK Partnership incurred $6,000 of organizational costs and $50,000 of startup costs in 2014. JKL may deduct $5,000 each of organizational and startup costs, and the remaining costs ($1,000 of organizational costs and $45,000 of startup costs) may be amortized over 60 months.