Match Each of the Following Statements with the Terms Below

question 98

Multiple Choice

Match each of the following statements with the terms below that provide the best definition.
-Schedules M-1 or M-3

• 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)Computation that determines the way recourse debt is shared.
• 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.

---

Definitions:

Racism

Prejudice, discrimination, or antagonism directed against someone of a different race based on the belief that one's own race is superior.

Patricia Hill Collins

An American sociologist known for her research on race, class, and gender.

Queer Space

Environments or places where LGBTQ+ individuals and expressions are welcome and celebrated, often in contrast to mainstream societal norms.

Gentrification

The process of renovating and improving a district so that it conforms to middle-class taste, often leading to the displacement of lower-income residents.