Test Bank SWFT Comprehensive PARTNERSHIPS.docVIP

CHAPTER 21 PARTNERSHIPS Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencies for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 General partnership versus LLC New 2 Partnership income concepts New 3 Partnership book-to-tax reconciliation New 4 Profit-, loss-, and capital-sharing percents New 5 Section 721 exceptions Unchanged 2 6 Contributions to a partnership: basis Unchanged 3 7 Contributions to a partnership: basis New 8 Contributions to a partnership: gain or loss Unchanged 5 9 Character of partnership loss New 10 Inside versus outside basis New 11 Partnership elections New 12 Organizational and startup costs New 13 Organizational costs: cash basis partnership Unchanged 7 14 Syndication costs New 15 Accounting methods New 16 Taxable year New 17 Taxable year Unchanged 8 18 Partner’s distributive share and basis Unchanged 10 19 Partner’s distributive share New 20 Section 199 deduction: partner or partnership New 21 Section 199 deduction: partner or partnership New 22 Substantial economic effect concepts New 23 Precontribution gain allocation New 24 Precontribution gain or loss New 25 Partner’s basis in partnership Unchanged 9 26 Partner’s basis in partnership New Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 27 Partner’s basis in partnership New 28 Partner’s basis in partnership New 29 Property contribution subject to debt Unchanged 13 30 Property contribution subject to debt in excess of basis Unchanged 14 31 Basis adjustments; s