Match Each of the Following Statements with the Terms Below

question 96

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-Business purpose

• 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:

Self-Control

Restraint exercised over one’s own impulses, desires, or emotions; temperance.

Ignore Conscience

Choosing to act without regard to one's internal sense of right and wrong.

Art And Science

A phrase indicating a blend of creativity and systematic study in a discipline, implying that both intuitive and analytical approaches are valuable.

No More Tact

This phrase suggests a direct or blunt approach, potentially without regard for diplomacy or subtlety in communication.