What is the difference between a partners basis in

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Intermediate Accounting: Reporting and Analysis
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Chapter 18 / Exercise RE18-9
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
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106. What is the difference between a partner’s basis in the partnership interest and a partner’s § 704(b) book capital account? What are the purposes of these two amounts? Why are these amounts typically different?
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Intermediate Accounting: Reporting and Analysis
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Chapter 18 / Exercise RE18-9
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
Chapter 10: Partnerships: Formation, Operation, and Basis Match each of the following statements with the terms below that provide the best definition. a. Organizational choice of many large accounting firms. b. Partner’s percentage allocation of current operating income. c. Might affect any two partners’ tax liabilities in different ways. d. Brokerage and registration fees incurred for promoting and marketing partnership interests. e. Transfer of asset to partnership followed by immediate distribution of cash to partner. f. Must have at least one general and one limited partner. g. All partners are jointly and severally liable for entity debts. h. Theory treating the partner and partnership as separate economic units. i. Partner’s basis in partnership interest after taxfree contribution of asset to partnership. j. Partnership’s basis in asset after taxfree contribution of asset to partnership. k. Owners are “members.” l. Theory treating the partnership as a collection of taxpayers joined in an agency relationship. m. Allows many unincorporated entities to select their Federal tax status. n. No correct match provided. 107. Limited partnership ANSWER: f 108. Check the box regulations ANSWER: m 109. Profits interest ANSWER: b 110. Limited liability partnership ANSWER: a 111. Aggregate concept ANSWER: l 112. Substituted ANSWER: i 113. Limited liability company ANSWER: k 114. Qualified nonrecourse debt ANSWER: n 115. Syndication costs
Chapter 10: Partnerships: Formation, Operation, and Basis d

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