Which type of taxpayer cannot be a partner in a partnership? a non-resident alien a C corporation a non-profit entity An S corporation All of these can be partners in a partnership
Which type of taxpayer cannot be a partner in a partnership? a non-resident alien a C corporation a non-profit entity An S corporation All of these can be partners in a partnership
Chapter21: Partnerships
Section: Chapter Questions
Problem 6BCRQ
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Transcribed Image Text:Which type of taxpayer cannot be a partner in a partnership?
a non-resident alien
a C corporation
a non-profit entity
An S corporation
All of these can be partners in a partnership
Transcribed Image Text:In determining changes to a partner's outside basis, which of the following statements is false?
All revenue items increase outside basis even if not taxable and all expenditure items reduce outside basis
even if not deductible
Only taxable income increases outside basis and only deductible expenditures reduce outside basis
A reduction of a partner's share of liabilities reduces outside basis
usually a partner will reduce outside basis by the inside basis of any property distribution received
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