Land Development Financing Question

[Bawo Ayomike]

Is anyone familiar with development project financing? The application process requires financial statements along with business/partnership tax filing. The documentation was provided to me two days ago to prepare. I found that the partnership claimed all acquisition costs as a loss on the taxes. In my opinion, since those acquisition costs should have been capitalized in their financial statements, it appears too late to capitalize them.

Has anyone experienced anything like this?