3. ACQUISITIONS Business Acquisitions Business acquisitions are accounted for in accordance with Accounting Standards Codification (ASC) Topic 805: Business Combinations . The Company has incorporated contingent consideration, or earn out provisions, into the structure of its acquisitions. The Company recognizes the fair value of estimated contingent consideration at the acquisition date as part of the consideration transferred in the exchange. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. The purchase price associated with business acquisitions and the allocation thereof during the six months ended June 30, 2018 is as follows: Number of business acquisitions closed 11 Consideration: Cash due at closing and option premium $ 215,044 Fair market value of common units issued 32,440 Fair market value of estimated contingent consideration 21,878 Total consideration $ 269,362 Allocation of purchase price: Total tangible assets $ 2,046 Total liabilities assumed (1,362) Customer relationships 128,780 Management contracts 15,120 Goodwill 124,479 Other intangibles 299 Total allocated consideration $ 269,362 Management believes approximately $222,196 of tax goodwill and intangibles related to business acquisitions completed during the six months ended June 30, 2018 will be deductible for tax purposes. Additional tax goodwill may be deductible when estimated contingent consideration is earned and paid. The accompanying unaudited condensed consolidated statement of operations for the six months ended June 30, 2018 includes revenue and income from operations for the business acquisitions that are new subsidiary partner firms from the date they were acquired of $31,783 and $4,736. Asset Acquisitions The Company also separately purchased customer relationships and other intangible assets. These purchases are accounted for as asset acquisitions as they do not qualify as business acquisitions pursuant to ASC Topic 805, Business Combinations . Total purchase con