Mark Is a Cash Basis Taxpayer

question 49

True/False

Mark is a cash basis taxpayer.He is a partner in the M&M partnership, and his share of the partnership's profits for 2019 is $90,000.Only $40,000 was distributed to him in January 2019, and this was his share of the 2018 partnership profits.None of the 2019 profits was distributed.Mark's gross income from the partnership for 2019 is $40,000.

---

Definitions:

Financial

Related to the management, investment, or collection of money, often within a business or organization.

Structural

Related to or involving the physical makeup or configuration of something, often referring to buildings, bridges, or other edifices.

Social Capital

The interconnectedness of people within a specific community, enabling the community to work effectively.

Day Care Center

A facility that provides care and education for children too young for primary school, often while their parents are at work.