A reduction of a partner's share of partnership liabilities will have what effect on the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
A reduction of a partner's share of partnership liabilities will have what effect on the partner's basis in the partnership interest?
a.There is no effect on partnership basis.
b.The same result (basis reduction and/or gain recognition) as if the partner received a distribution of that same amount of cash.
c.A reduction of the partner's basis by the amount of the partner's share of liability reduction, without regard to the amount of the partner's basis before the liability share reduction.
d.An increase in the partner's basis by the amount of the partner's share of liability reduction, without regard to the amount of the partner's basis before the liability share reduction.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.