"A partnership balance sheet is a document that is used to keep track of the relationship of the partnership to the partners and the partners to each other, both from a tax perspective and a economic perspective." What is meant by economic perspective (focus at point of formation)? Please provide examples with reference to the Regulations and/or other external support. Be sure to support your answer(s) with either Statutory (i.e., IRC), Administrative (e.g. Regulation, RevRul., Rev Procedures, etc) or Judicial (Case Law) source of tax law.