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Gloria Deal's Advanced Tax Corporation Unit 6 Discussion

Gloria Deal's Advanced Tax Corporation Unit 6 Discussion -...

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and Topic 1 Please respond to these Threaded Discussion Questions. Take time to review the responses of your classmates and provide your feedback. Why is it important for a partner to know his or her basis in his or her partnership interest? Professor and Class Main Post, After reading this weeks reading material I learned that the basis of a partner's is in his/her partnership interest is a very crucial element invery the partnership taxation, and a partnership interest is anything thatthat isan asset that the partner has contributed to the business. Therefor the partners basis identifies the partners liabilities and how they will essentially do at the end of the year as well as any and all liabilities that they will have. Reference: Basis of Partner's Interest (2004); National Tax Services, Inc.; Retrieved by www.unclefed.com/IRS-Forms/2001/HTML/p54111.html Anderson, Pope, and Kramer. (2011). Prentice Hall's Federal Taxation 2011: Corporations, Partnerships, Estates, & Trusts. Pearson Education, Inc.
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