Q1.- The book basis tracks each partner's capital account based on _____________ and reflects the...
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Accounting
Q1.- The book basis tracks each partner's capital account based on _____________ and reflects the _______of assets at the time they are contributed.
A.- Generally accepted accounting principals; adjusted basis.
B.- Generally accepted tax principals; FMV.
C.- How items are recognized on the partnership tax return; adjusted basis.
D.- How items are defined by the Internal Revenue Service; FMV.
Q2.- Items added to a partner's Schedule K-1 that are recognized as defined by the Internal Revenue Code are part of the calculation of a partner's ______________.
A.- Ordinary income (or loss).
B.- ax basis, or inside basis.
C.- Outside, or book, basis.
D.- Distributive share.
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