A Partner's Tax Basis in a Partnership Is Comprised of Which

question 48

Multiple Choice

A partner's tax basis in a partnership is comprised of which of the following items?
I.The partner's tax basis of assets contributed to the partnership.
II.The amount of the partner's liabilities assumed by the other partners.
III.The partner's share of other partners' liabilities assumed by the partnership.

• A)I plus II minus III
• B)I plus II plus III
• C)I minus II plus III
• D)I minus II minus III

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