If a depreciable asset is transferred to a partnership in a Section 721 basis, what does the partnership do with this asset? a. use MACRS based on the fmv of the asset transferred b. determine the useful life of the asset and depreciate the asset over this life on a straight-line method c. elect section 179 d. continue the depreciation method and elections of the partner transferring the asset to partnership e. elect to write off the cost of the asset using the 100% bonus depreciation method If you have organizational costs of less than $50,000, how much can you elect to write off in the first year (excluding amortization of the remaining balance)? a. \$0 b. $1,000 c. $5,000 d. $10,000 e. one half up to the $50,000 limit