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Fundamentals of Taxation 2017
Quiz 14: Partnership Taxation
When a partner is released of a partnership liability,the partner is treated as receiving a money distribution,which reduces his or her partnership basis.
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If a personal-use asset is contributed to a partnership for business use,the partnership's basis in the asset is always the FMV of the asset.
Ordinary income includes interest income and dividend income received by the partnership.
Partnership income and losses are divided into two components: ordinary items and separately stated items.
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