Match Each of the Following Statements with the Terms Below

question 93

Short Answer

Match each of the following statements with the terms below that provide the best definition.
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.
-Foreign tax credit or deduction

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Definitions:

Lexical Decision Task

A psychological experiment where participants decide as quickly as possible whether a string of letters is a real word or a non-word.

Proposition

A statement or assertion that expresses a judgment or opinion that can be true or false.

Fictitious Island

An imaginary or made-up island, often used in stories or hypothetical scenarios.

Proportional

Relating to or corresponding in size, degree, or intensity relative to something else.