Examlex
Stating in your own words what you think the speaker meant will only confuse the message.
Outside Basis
It refers to the tax basis, or the value of an individual's investment in an entity like a partnership or S corporation, outside of the company's own assets.
Contributed Property
Assets or property given to a charitable organization, potentially eligible for a tax deduction based on the property's fair market value.
Partnership Formation
The process of creating a partnership, which involves two or more parties joining together to carry on a trade or business, with each contributing money, property, labor, or skill.
Guaranteed Payments
Payments made by a partnership to a partner for services or the use of capital without regard to the partnership's income.
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