In the syndication of a partnership, brokerage and registration fees, printing fees, and legal fees of the underwriter total $50,000. With respect to these fees, the partnership must
A. deduct $5,000 of the expenses in the accounting period incurred and amortize the remaining amount over 180 months.
B. capitalize and amortize the fees over a period of not less than 60 months.
C. deduct $5,000 of the expenses in the accounting period incurred and permanently capitalize the remainder.
D. capitalize the fees, which are not amortizable.
Answer: D
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A) two B) three C) four D) five E) six
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Fill in the blank(s) with the appropriate word(s).
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