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  3. which of the of the following statements about cap

Which of the of the following statements about capital accounts is true? ...

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Accounting

Which of the of the following statements about capital accounts is true?
A. maintenance of capital accounts reflects accounting income or loss rather than taxable income or loss
B. capital accounts represent a partners accounting equity in the partnership
C. the tax law uses capital accounts as surrogates for the economic effects of partnership transactions
D. all of the above are true

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