"In 2011, Tim and Molly form TM Partnership, Ltd. (an LLLP), to own and operate certain real estate. Tim contributed land, and Molly 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 interest in the partnership to investors to raise funds for constructing a shopping center. The partnership incurred expenses of $12,000 for forming the entity and $52,000 for starting the business (e.g., setting up the accounting systems, locating tenants, and negotiating leases). It also paid $18,000 in transfer taxes for changing the ownership of the property to the partnership's name. The brokerage firm that sold the interests to the limited partners charged a 6% commission, which totaled $600,000. The calendar year partnership started business in September 2011. Describe how all these initial expenses are treated by the partnership."