Match Each of the Following Statements with the Terms Below

question 48

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-Precontribution gain

• 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.

Understand the prohibitions under the Equal Credit Opportunity Act against discriminatory lending practices.

Know the consumer rights and creditor limitations under the Fair Credit Billing Act.

Understand the liability and consumer rights in case of unauthorized credit card charges.

Identify the legislation aimed at preventing credit and loan discrimination practices.

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Definitions:

Uric Acid

A waste product formed from the breakdown of purines in the body, excreted in the urine.

Thermodynamics

The branch of physics that deals with the relationships between heat and other forms of energy and how these affect matter.

Usable Form

A state or format of a substance that can be directly utilized by an organism or machine.

Transformed

In biology, refers to the process of changing a cell's characteristics through genetic modification or in cell culture. Outside biology, it can imply a comprehensive change in appearance or condition.