Match Each of the Following Statements with the Terms Below

question 51

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-Inside basis

• 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:

Korsakoff's Syndrome

A chronic memory disorder caused by severe deficiency of thiamine, most commonly related to alcohol abuse, characterized by short-term memory loss and confabulation.

College Dropouts

Individuals who have discontinued their college education before completing their degree.

Judgment

The cognitive process of assessing situations or information to form opinions or make decisions.

Sober Up

The process of becoming free from the effects of alcohol or drugs, regaining a clear state of mind and physical control.