Match Each of the Following Statements with the Terms Below

question 93

Short Answer

Match each of the following statements with the terms below that provide the best definition.
a. Adjusted basis of each partnership asset.
b. Operating expenses incurred after entity is formed but before it begins doing business.
c. Each partner's basis in the partnership.
d. Reconciles book income to "taxable income."
e. Tax accounting election made by partnership.
f. Tax accounting calculation made by partner.
g. Tax accounting election made by partner.
h. Does not include liabilities.
i. Designed to prevent excessive deferral of taxation of partnership income.
j. Amount that may be received by partner for performance of services for the partnership.
k. Computation that determines the way recourse debt is shared.
l. Will eventually be allocated to partner making tax-free property contribution to partnership.
m. Partner's share of partnership items.
n. Must generally be satisfied by any allocation to the partners.
o. Justification for a tax year other than the required taxable year.
p. No correct match is provided.
-Foreign tax credit or deduction

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Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Independent Events

Two or more events where the occurrence or outcome of one event does not affect the occurrence or outcome of the other.

P(A And B)

The probability of both event A and event B occurring together.

P(A Or B)

The probability that either event A or event B occurs or both events occur together, a fundamental concept in probability theory.