Match Each of the Following Statements with the Terms Below

question 144

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-Required taxable year

• 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:

Crista Galli

A vertical projection of the ethmoid bone in the skull, serving as an attachment point for the dura mater, the outermost membrane covering the brain.

Cribiform Plate

A part of the ethmoid bone in the skull with many small holes through which olfactory nerve fibers pass from the nasal cavity to the brain.

Nasal Conchae

Curved bony projections in the nasal cavity that help to filter, warm, and moisten the air we breathe.

Zygomatic Process

A projection of the temporal bone that forms part of the zygoma, or cheekbone, connecting with the zygomatic bone of the face.