In determining changes to a partner's outside basis, which of the following statements is false? Question options: a. All revenue items increase outside basis even if not taxable and all expenditure items reduce outside basis even if not deductible b. Only taxable income increases outside basis and only deductible expenditures reduce outside basis

In determining changes to a partner's outside basis, which of the following statements is false? Question options: a. All revenue items increase outside basis even if not taxable and all expenditure items reduce outside basis even if not deductible b. Only taxable income increases outside basis and only deductible expenditures reduce outside basis

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 5BCRQ

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If the share of losses on realization of the sale of noncash assets exceed the balance in a partner's capital account, the resulting balance is called a deficiency. Group of answer choices True False
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