Which of the following statements is true with regard to assigning a noncash

Which of the following statements is true with regard

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121.Which of the following statements is true with regard to assigning a noncash asset contributed to a partnership the tax basis of the contributing partner?a.The tax basis of noncash assets contributed must be used if the partnership is a taxable entityb.The tax basis must be considered when determine each partner’s allocation of taxable partnership incomec.The contributing partner’s tax basis may not be used for financial accounting recordsd.None of the above statements are true122.Which of the following statements is not true with regard to assigning the market value of noncash assets contributed to those assets at the date of a partnership’s formation?123.Which of the following statements is correct with regard to the contribution of assets and associated liabilities to a partnership?
124.The bonus method of recognizing unidentifiable intangible asset contributions to a partnership does which of the following?125.This method of recognizing unidentifiable intangible assets does not result in a change to total contributed capital.a.Goodwill methodb.Bonus methodc.Reciprocal methodd.None of these methods will result in a change to total contributed capital

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