You Can Import Journal Entries from the Accountant's Copy to Your

question 41

Multiple Choice

You can import journal entries from the Accountant's Copy to your data files -

• A)only after you have created an Accountant's Copy of your data
• B)only before you close the books and start a new fiscal period
• C)only if you work with a backup copy of your data
• D)at any time

Grasp the tax implications of distributions and adjustments to partnership liabilities on a partner's basis.

Understand the treatment of separately stated items and ordinary income or expenses in a partnership.

Identify the tax consequences of contributing property or services to a partnership.

Calculate the basis of partnership interest after contributions, distributions, and adjustments.