Mark Is a Cash Basis Taxpayer

question 8

True/False

Mark is a cash basis taxpayer. He is a partner in the M&M partnership, and his share of the partnership's profits for 2012 is $90,000.Only $40,000 was distributed to him in January 2012, and this was his share of the 2011 partnership profits. None of the 2012 profits were distributed although Mark's share of the 2012 profits was $90,000.Mark's gross income from the partnership for 2012 is $40,000.

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Definitions:

Cerebral Aneurysm

The ballooning out of a weak area in the wall of an artery in the brain, which can lead to bleeding if it ruptures.

Regression

A return to a former or less developed state, or in statistics, a measure of the relationship between variables.

Therapeutically

In a manner or mode intended for healing or treating illness.

Uniform Determination

A consistent and unwavering decision-making process.