You get a new client Draycup LLC. It has 10 members. Draycups manager signs the retainer agreement. This is an example of:

Select one:

a. the aggregate (or conduit) concept.

b. the entity concept.

c. combined concepts.

Which interest represents the partners distributive share of liquidation proceeds?

Select one:

a. profits interest

b. loss interest

c. basis interest

d. capital interest

When can a current distribution of property (other than accounts receivable and inventory) create more basis in the partners hands than the partnerships?

Select one:

a. When outside basis exceeds inside basis of the property distributed.

b. When outside basis is less than inside basis of the property distributed.

c. Never