Partnership Debts Assumed by a Partner Is Deemed to Be

question 89

True/False

Partnership debts assumed by a partner is deemed to be a cash contribution and increases the partner's basis in the partnership.

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Definitions:

Job Grading Method

A technique used in human resource management to categorize positions within a company based on certain criteria like responsibility and skill levels.

Predetermined Classifications

Pre-established categories used to sort or organize individuals or items based on specific criteria.

External Equity

The concept of ensuring compensation and benefits offered are competitive with those in the external job market to attract and retain talent.

Pay Equity

The principle of compensating employees equally for jobs requiring comparable skills, effort, and responsibility, without discrimination on the basis of gender, ethnicity, or other irrelevant factors.