In 2014 tom and missy from TM Partnership, Ltd. (an LLLP), to own and operate certain real

estate. Tom contributed land, and missy contributed cash to be used for setting up the entity and

creating a plan for developing the property. Once a development plan was in place, the

partnership sold interests in the partnership to investors to raise funds for constructing a

shopping center. The partnership incurred expenses of $30,000 for forming the entity and

$60,000 for starting the business (e.g. setting up the accounting system, locate tenants and

negotiating leases). It also paid $5,000 in transfer taxes for changing the ownership of the

property to the partnership name. There brokerage firm that sold the interests to the limited

partners charged a 6% commission which totaled $600,000. The calendar partnership started

business in November 2014. Describe how all of these initial expenses are treated by the

partnership