Mann Inc. paid $7,250 to a leasing agent to negotiate Mann's 36-month lease for 18,000 square feet of space in a new commercial building. For tax purposes, Mann must:
A. Capitalize the $7,250 cost as a nonamortizable intangible asset.
B. Deduct the $7,250 cost in the year of payment.
C. Capitalize the $7,250 cost and amortize it over 36 months.
D. Capitalize the $7,250 cost and depreciate it as 5-year recovery property.
Answer: C
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What will be an ideal response?
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