Match Each of the Following Statements with the Terms Below

question 29

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-§ 179 deduction

• 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)Theory under which a partnership's recourse debt is shared among the partners.
• 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.

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Definitions:

Zero-sum Game

A situation in which one party's gain is exactly balanced by another party's loss, resulting in a net change of zero.

Forgiveness

The process of letting go of resentment, anger, or vengeance toward someone who has wronged you, often considered a step towards healing and reconciliation.

Angry

Experiencing or showing strong feelings of displeasure, hostility, or antagonism.

Retribution

Retribution is the principle of justice based on punishment for wrongdoing, often viewed as deserved or morally right retaliation.