Match Each of the Following Statements with the Terms Below

question 172

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-Organizational costs

• 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:

Growing Older

The process of aging, which encompasses biological, psychological, and social changes that occur over time in human beings.

Schizophrenia

A psychiatric disorder marked by delusions, hallucinations, disorganized speech, and impaired cognitive function.

Elderly People

Individuals who are significantly advanced in age, often defined as being 65 years of age or older.

Initially Diagnosed

The first identification of a medical or psychological condition, based on an assessment of symptoms and possibly diagnostic tests.