Property may be properly reflected on the books of the partnership at a book value that differs
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Property may be properly reflected on the books of the partnership at a book value that differs from the adjusted tax basis of such property. In these circumstances the capital accounts of the partners will not be considered to be determined and maintained properly unless the partnership agreement requires the partners' capital accounts to be adjusted for allocations to them of depreciation, depletion, amortization, and gain or loss, as computed for book purposes, with respect to such property. Discuss?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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