A Partner's Share of Recourse Liabilities Increases the Partner's Basis

question 16

True/False

A partner's share of recourse liabilities increases the partner's basis in his or her partnership interest.

---

Definitions:

Directly Impacts

Has an immediate and clear effect on something or someone.

Society

A structured community of people bound together by similar traditions, institutions, or nationality.

Behaving Ethically

Acting in ways that are considered morally right and fair in personal and professional settings.

Liden's Servant Leader

A leadership approach characterized by focusing on the growth and well-being of communities and the people within them, as studied and expanded upon by Robert C. Liden.