Multiple Choice $1\mathrm{.}667$ points

TEC Partners was formed during the current tax year. It incurred $$10,000$ of organizational expenses, $$80,000$ of startup expenses, and $$5,000$ of transfer taxes to retitle property contributed by a partner. The property had been held as MACRS property for ten years by the contributing partner, and had an adjusted basis to the partner of $$300,000$ and fair market value of $$400,000.$ Which of the following statements is correct regarding these items?

TEC treats the contributed property as a new MACRS asset placed in service on the date the property title is transferred.

TEC must amortize the $$10,000$ of organizational expenses over $180$ months.

TEC's deducts the first $$5,000$ of startup expenses and amortizes the remainder over $180$ months.

TEC must capitalize the transfer tax and treat it as a new asset placed in service on the date the property is contributed.

None of the above statements are true.