Deck 21: Partnerships

Question 1

George received a fully-vested 10% interest in partnership capital and a 20% interest in future partnership profits in exchange for services rendered to the GHP,LLC (not a publicly-traded partnership interest).The future profits of the partnership are subject to normal operating risks.George will report ordinary income equal to the fair market value of the profits interest,but the capital interest will not be currently taxed to him.

Answer 1

False

Question 2

A limited partnership (LP) offers all partners protection from claims by the LP's creditors.

Answer 2

False

Question 3

Section 721 provides that no gain or loss is recognized on a contribution of property to a partnership in exchange for an interest in the partnership.An exception might apply if the taxpayer receives a cash distribution from the partnership soon after the property contribution is made.

Answer 3

True

Question 4

In a limited liability company,all members may participate in management (the operating agreement cannot limit participation) and all entity debts are treated as nonrecourse liabilities for purposes of allocating the LLC's liabilities to basis.

Question 5

Ken and Lars formed the equal KL Partnership during the current year,with Ken contributing $100,000 in cash and Lars contributing land (basis of $60,000,fair market value of $40,000) and equipment (basis of $0,fair market value of $60,000).Lars recognizes a $40,000 gain on the contribution and his basis in his partnership interest is $100,000.

Question 6

A partner will have the same profit-sharing,loss-sharing,and capital-sharing ownership percentages.

Question 7

Section 721 provides that,in general,no gain or loss is recognized by the partnership or the partner on contribution of appreciated or depreciated property to a partnership in exchange for an interest in the partnership.

Question 8

The partnership reports each partner's share of income to the partner on a Form 1099-MISC.

Question 9

The "inside basis" is defined as a partner's basis in the partnership interest.

Question 10

In a limited liability partnership all members may participate in management and have personal liability for entity debts,except for malpractice committed by the other partners.

Question 11

Morgan and Kristen formed an equal partnership on August 1 of the current year.Morgan contributed $60,000 cash and land with a basis of $18,000 and a fair market value of $40,000.Kristen contributed equipment with a basis of $42,000 and a value of $100,000.Kristen and Morgan each have a basis of $100,000 in their partnership interests.

Question 12

A partnership is an association formed by two or more taxpayers (which may be any type of entity) to carry on a trade or business.

Question 13

An example of the aggregate concept of partnership taxation is that the partnership makes elections related to depreciation,tax credit calculations (except the foreign tax credit),and whether or not to claim a § 179 deduction.

Question 14

In a limited liability company,all members are protected from all debts of the partnership unless they personally guaranteed the debt.

Question 15

When Kevin and Marshall formed the equal KM LLC,the fair market values of their interests were each $100,000.Kevin contributed $60,000 cash,equipment with a basis of $0 and a fair market value of $10,000,and a small parcel of land in which he had a basis of $50,000 and which was valued at $30,000.Marshall contributed an account receivable that was valued at $100,000 and which his basis was $0.Kevin has a basis in his partnership interest of $110,000 and Marshall's basis is $0.

Question 16

The primary purpose of the partnership agreement is to document the various tax elections made by the partners regarding depreciation methods,treatment of research and experimental costs,calculation of the § 199 deduction,and the § 754 election.

Question 17

An example of the "aggregate concept" underlying partnership taxation is the fact that the partners (rather than the partnership) pay tax on partnership income.

Question 18

Laura is a real estate developer and owns property that is treated as inventory (not a capital asset) in her business.She contributes a parcel of this land (basis of $15,000) to a partnership,also to be held as inventory.The fair market value of the property is $12,000 at the contribution date.After three years,the partnership sells the land for $10,000.The partnership will recognize a $5,000 ordinary loss on sale of the property.

Question 19

The taxable income of a partnership flows through to the partners,who report the income on their tax returns.

Question 20

The partnership agreement might provide,for example,that all interest income is allocated to Partner A.
Allocating income in this manner is an example of a separately stated item.
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Question 21

Tom and William are equal partners in the TW Partnership.Just before TW liquidated,Tom's capital account balance was $50,000 and William's capital account balance was $30,000.To meet the substantial economic effect requirements,any liquidating cash distribution must be allocated in proportion to those ending capital account balances.

Question 22

ABC,LLC is equally-owned by three corporations.Two corporations have June 30 fiscal year ends,the third is a calendar-year taxpayer.ABC will use the least aggregate deferral method to determine its taxable year-end.

Question 23

PaulCo,DavidCo,and Sean form a partnership with cash contributions of $80,000,$50,000 and $30,000,respectively,and agree to share profits and losses in the ratio of their original cash contributions.PaulCo uses a January 31 fiscal year-end,while DavidCo and Sean use a November 30 and December 31 year-end,respectively.The partnership must use the least aggregate deferral method to determine its year end.

Question 24

A partnership's allocations of income and deductions to the partners are required to be proportionate to the partners' percentage ownership of partnership capital in order to meet the substantial economic effect tests.

Question 25

The JPM Partnership is a US-based manufacturing company.JPM calculates the domestic production activities deduction (§ 199) and deducts that amount on its Form 1065.

Question 26

The amount of a partnership's income and loss from operating activities is combined with separately stated income and expenses to determine the partnership's equivalent of "taxable income." This amount is reconciled to book income on the partnership's Schedule M-1 or Schedule M-3.

Question 27

A partnership must provide any information to the partners that the partners would need to calculate deductions not permitted at the partnership level,such as for oil and gas depletion or the corporate dividends received deduction.

Question 28

​DDP Partnership reported gross income from operations of $125,000,a long-term capital gain of $5,000,a short-term capital loss of $2,000,and a charitable contribution of $5,000.On its Schedule K,the partnership reports ordinary business income of $120,000,a long-term capital gain of $5,000 and a short-term capital loss of $2,000.
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Question 29

The BMR LLC conducted activities that were eligible for a $20,000 credit for increasing research activities.In addition,the LLC paid foreign taxes of $1,200.On the partners' Schedules K-1,BMR will allocate the $20,000 credit,and it will provide the necessary information so the partners can calculate the foreign tax credit if they so choose.
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Question 30

​The Greene Partnership had average annual gross receipts for the past three years of $4.8 million,and has never had average annual gross receipts above $5 million.One of the partners is Jackson,Inc.,a Subchapter C corporation.Because Greene meets the average annual gross receipts test,it may use the cash method of accounting even though it has a partner that is a Subchapter C corporation.

Question 31

Items that are not required to be shown on the partners' Schedules K-1 include AMT adjustments and preferences and taxes paid to foreign countries,as AMT and the foreign tax credit are calculated by the partnership.

Question 32

Seven years ago,Paul purchased residential rental estate that he has been depreciating as MACRS property over 27.5 years.This year,when his adjusted basis in the property was $250,000,Paul transferred the property to the newly formed PLA LLC in exchange for a one-third interest in the LLC.PLA incurred $10,000 of transfer taxes and fees related to the property.PLA must treat the $260,000 basis in the property,fees,and expenses,as new MACRS property depreciable over 27.5 years.

Question 33

JLK Partnership incurred $6,000 of organizational costs and $50,000 of startup costs in 2016.JKL may deduct $5,000 each of organizational and startup costs,and the remaining costs ($1,000 of organizational costs and $45,000 of startup costs) may be amortized over 60 months.

Question 34

Partners' capital accounts should be determined using the same method on Form 1065 Schedule L,Form 1065 Schedule M-2,and the Schedules K-1 prepared for the partners.

Question 35

If the partnership properly makes an election for treatment of a specific tax item,the partner is bound by that treatment.

Question 36

Blaine contributes property valued at $50,000 (basis of $40,000) in exchange for a 25% interest in the BIKE Partnership.If the property is later sold for $70,000,gain of $15,000 will be allocated to Blaine.

Question 37

A partnership cannot use the cash method of accounting if one of the partners is a C corporation.

Question 38

MNO Partnership has three equal partners.Moon,Inc.and Neptune,Inc.each have fiscal years ending March 31.Omega uses the calendar year.MNO's taxable year end must be determined using the least aggregate deferral method,and is December 31.
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Question 39

Syndication costs arise when partnership interests are being marketed to investors.These costs cannot be amortized or deducted.

Question 40

BRW Partnership reported gross income from operations of $60,000,interest income of $3,000,rental expense of $20,000,and a charitable contribution of $6,000.On its Schedule K,the partnership reports ordinary business income of $40,000,and separately stated interest income ($3,000) and charitable contributions ($6,000).

Question 41

The sum of the partners' ending basis amounts on all Schedules K-1 equals the partners' ending capital account balance shown on the partnership's Schedule L.

Question 42

Emma's basis in her BBDE LLC interest is $60,000 at the beginning of the tax year.Her allocable share of LLC items are as follows: $20,000 of ordinary income,$2,000 tax-exempt interest income,and a $6,000 long-term capital gain.In addition,the LLC distributed $12,000 of cash to Emma during the year.Assuming the LLC had no liabilities at the beginning or the end of the year,Emma's ending basis in her LLC interest is $76,000.

Question 43

Maria owns a 60% interest in the KLM Partnership.Four years ago her father gave her a parcel of land.The gift basis of the land to Maria is $60,000.In the current year,Maria had still not figured out how to use the land for her own personal or business use; consequently,she sold the land to the partnership for $50,000.The partnership immediately started using the land as a parking lot for its employees.Maria may recognize her $10,000 loss on the sale.

Question 44

Ashley purchased her partnership interest from Lindsey on the first day of the current year for $40,000 cash.She received a $10,000 cash distribution from the partnership during the year,and her share of partnership income is $15,000.Her share of partnership liabilities on the last day of the partnership year is $20,000.Ashley's outside basis for her partnership interest at the end of the year is $45,000.

Question 45

Julie and Kate form an equal partnership during the current year.Julie contributes cash of $160,000,and Kate contributes property (adjusted basis of $90,000,fair market value of $260,000) subject to a nonrecourse liability of $100,000.As a result of these transactions,Kate has a basis in her partnership interest of $90,000.

Question 46

William is a general partner in the WST partnership.During the current year,he receives a guaranteed payment of $10,000 for services he provides to the partnership,and his distributive share of partnership income is $30,000.William is required to pay self-employment tax on the $10,000 guaranteed payment,but not on his distributive share of partnership income.

Question 47

One of the disadvantages of the partnership form is that the partner's share of the partnership's taxable income is taxed to the partner,whether it is distributed.

Question 48

Which of the following entity owners cannot participate in management of the entity?

A)A general partner in a general partnership.
B)A member of a limited liability company.
C)A partner in a limited liability partnership.
D)A limited partner in a limited partnership.
E)None of the above.

Question 49

Belinda owns a 30% profit and loss interest in the BOW LLC and her basis in the interest is $30,000,excluding her share of the LLC's liabilities.Belinda guarantees a $40,000 LLC debt.Remaining liabilities (not guaranteed by any of the LLC members) are $100,000.Belinda's basis in the LLC is $100,000.

Question 50

​Micah's beginning capital account on his Schedule K-1 is $60,000.During the year,he is allocated $20,000 of partnership income,$8,000 of nondeductible expenses,and a $12,000 share of tax-exempt income.His Schedule K-1s show allocations of nonrecourse debt of $20,000 (last year) and $30,000 (this year).Micah's ending capital account is $94,000.

Question 51

Steve's basis in his SAW Partnership interest is $200,000 at the beginning of the tax year,including all adjustments.His allocable share of partnership items are as follows: ($120,000) of ordinary loss,$6,000 tax-exempt interest income,and a $14,000 long-term capital gain.In addition,the LLC distributed $20,000 of cash to Steve during the year.During the year,Steve's share of partnership debt increased by $10,000.Steve's ending basis in his LLC interest is $80,000.

Question 52

Nicholas,a 1/3 partner,received a guaranteed payment in the current year of $50,000.Partnership income before consideration of the guaranteed payment was $20,000.Assuming no loss limitation rules apply,Nicholas reports a $10,000 ordinary loss from partnership operations,and the $50,000 guaranteed payment as ordinary income.

Question 53

​Which one of the following statements is TRUE regarding a partner's personal liability for partnership assets?

A)​LLC members can never be liable for entity debts.
B)In a limited partnership, all partners have limited liability for partnership debts.
C)​In a limited liability partnership, the partner might be subject to liability for other partners' malpractice.
D)​In a general partnership, all partners are liable for entity debts

Question 54

Harry's basis in his partnership interest was $10,000 at the beginning of the tax year.For the year,his share of the partnership's loss was $8,000,and he also received a distribution of $4,000.Harry can deduct an $8,000 loss,and he recognizes a gain of $2,000 on the distribution of cash in excess of his remaining basis.

Question 55

If a partnership allocates losses to the partners,the partners must first apply the passive loss limitations,then the basis limitation,and finally the at-risk limitations.If all three hurdles are met,the partner may deduct the loss.

Question 56

Debt of a limited liability company is allocated among LLC members using the nonrecourse debt allocation rules unless an LLC member has personally guaranteed the debt.

Question 57

​When it liquidates,a partnership is not generally subject to tax on the appreciation of its assets.

Question 58

Before allocations for the current year,Marvin's basis in the MR LLC,in which Marvin is not an active member,is $50,000.His basis includes $10,000 of debt that he guaranteed,and $20,000 of nonrecourse debt that is not qualified nonrecourse financing.Marvin has passive income from other sources of $40,000.The LLC allocates a loss of $60,000 to Marvin.After application of the loss limitation rules,Marvin can deduct $40,000.

Question 59

​Gina is a single taxpayer and an active partner in the GMA LLC.Gina's Schedule K-1 reflects a $20,000 ordinary income share,$2,000 of interest income,and a $10,000 guaranteed payment for services.Gina's self-employment income from other sources and modified adjusted gross income is about $300,000.With respect to the income from the LLC,Gina will be subject to the 0.9% additional Medicare tax on $30,000 and the 3.8% net investment income tax of $2,000.

Question 60

​The RGBY LLC operating agreement provides that 50% of depreciation expense is allocated to Red,and all remaining income (including the remaining 50% of depreciation) is allocated equally among the four partners.Before guaranteed payments and depreciation,RGBY's net income is $120,000 for the year.RGBY's depreciation expense is $20,000,and it paid a guaranteed payment to Yellow of $8,000.Assume all allocations and payments meet the substantial economic effect rules.After all deductions and special allocations are taken into account,Red is allocated a net of $15,500 from the partnership.

Question 61

Which of the following is a correct definition of a concept related to partnership taxation?

A)The aggregate concept treats partners and partnerships as separate units and gives the partnership its own tax "personality."
B)A partner's capital sharing ratio is defined as the percent of partnership assets (capital) that would be allocated to the partner upon liquidation of the partnership.
C)The partnership's outside basis is defined as the sum of each partner's capital account balance.
D)A special allocation is defined as an amount that could differently affect the tax liabilities of two or more partners.

Question 62

Tim,Al,and Pat contributed assets to form the equal TAP Partnership.Tim contributed cash of $40,000 and land with a basis of $80,000 (fair market value of $60,000).Al contributed cash of $60,000 and land with a basis of $50,000 (fair market value of $40,000).Pat contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000.Which of the following tax treatments is not correct?

A)Tim's basis in his partnership interest is $120,000.
B)Al realizes and recognizes a loss of $10,000.
C)Pat realizes a gain of $40,000 but recognizes $0 gain.
D)TAP has a basis of $80,000, $50,000, and $0 in the land and property (excluding cash) contributed by Tim, Al, and Pat, respectively.
E)All of these statements are correct.

Question 63

​Which one of the following is an example of a special allocation of partnership income?

A)​The partnership's capital gains and losses are shown separately on Schedule K-1.
B)​Distributions from the partnership to the partner are shown on Schedule K-1 line 20.
C)​The partnership agreement provides that Marcus will report all charitable contributions rather than his 20% distributive share.
D)​The Schedule K-1 reports each partner's share of the information they need in order to calculate the § 199 deduction.

Question 64

Which of the following statements is always correct regarding assets acquired by a newly formed partnership? If a partner contributes:

A)Depreciable property: the partnership treats the property as newly acquired depreciable property, and may claim a § 179 deduction.
B)Unrealized (cash-basis) receivables: the partnership will report a capital gain when the receivable is collected.
C)Inventory (in the partner's hands): the partnership reports ordinary income if the property is held as a capital asset and sold within five years of the contribution date.
D)Land valued at less than its basis: the partnership reports a § 1231 loss if the property is sold at a loss.

Question 65

A partnership will take a carryover basis in an asset it acquires when:

A)The partnership acquires the asset through a § 1031 like-kind exchange.
B)A partner owning 25% of partnership capital and profits sells the asset to the partnership.
C)The partnership leases the asset from a partner on a one-year lease.
D)The partnership acquires the asset from a partner as a contribution to partnership capital under § 721(a).

Question 66

Tara and Robert formed the TR Partnership four years ago.Because they decided the company needed some expertise in multimedia presentations,they offered Katie a 1/3 interest in partnership capital if she would come to work for the partnership.On July 1 of the current year,the unrestricted partnership interest (fair market value of $25,000) was transferred to Katie.How should Katie treat the receipt of the partnership interest in the current year?

A)Nontaxable.
B)$25,000 ordinary income.
C)$25,000 short-term capital gain.
D)$25,000 long-term capital gain.

Question 67

In the current year,the POD Partnership received revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities,and $20,000 as a distribution to partner Olivia.In addition,the partnership earned $6,000 of long-term capital gains during the year.Partner Donald owns a 50% interest in the partnership.How much income must Donald report for the tax year?

A)$68,000 ordinary income.
B)$78,000 ordinary income.
C)$65,000 ordinary income; $3,000 of long-term capital gains.
D)$75,000 ordinary income; $3,000 of long-term capital gains.

Question 68

ACME Partnership has had the following gross receipts since its formation: $1.8 million in 2014,$4.6 million in 2015,$8.8 million in 2016,$1.6 million in 2017,and $10 million in 2018.Partner Meile,Inc.is a Subchapter C corporation.In what tax years must ACME use the accrual method?

A)2014 and all following years, because it has a partner that is a Subchapter C corporation.
B)2016 and all following years, because gross receipts are more than $5 million that year.
C)2017 and all following years, because average annual gross receipts are more than $5 million in 2016.
D)2016 and 2018 because those are the only years in which gross receipts exceeded $5 million.
E)2017 and 2019 because those are the only years in which the prior years' gross receipts exceeded $5 million.​

Question 69

​SQRLY LLC has about 25 LLC members.SwanCo (30% owner) and QuinnCo (16% owner) both have June 30 tax year ends.Royce,Inc.; Larry,Inc.; and Yolanda,Inc.each own 4% (12% total) and have September 31 taxable year ends.The other LLC members (42% total) each own interests of 4% or less and use the calendar year (December 31).Which one of the following statements is true regarding the LLC's taxable year end?

A)​The taxable year is determined under the least aggregate deferral rule and is December 31.
B)​The taxable year is determined under the least aggregate deferral rule and is June 30.
C)​The taxable year is determined under the majority interest rule and is December 31.
D)​The taxable year is determined under the principal partner rule and is June 30.
E)​The taxable year is determined under the least aggregate deferral rule and is September 30.

Question 70

Kristie is a 30% partner in the KKM Partnership.During the current year,KKM reported gross receipts of $280,000 and a charitable contribution of $30,000.The partnership paid office expenses of $80,000.In addition,KKM distributed $20,000 each to partners Kaylyn and Megan,and the partnership paid partner Kaylyn $20,000 for administrative services.Kristie reports the following income from KKM during the current tax year:

A)$54,000 ordinary income; $9,000 charitable contribution.
B)$60,000 ordinary income; $9,000 charitable contribution.
C)$36,000 ordinary income.
D)$54,000 ordinary income.

Question 71

​DIP LLC reports ordinary income (before guaranteed payments) of $120,000,rent expense of $40,000,and interest income of $4,000 for the year.In addition,DIP paid guaranteed payments to partner Percy of $20,000.If Percy owns a 40% capital and profits interest,how much income will he report for the year and what is its character?

A)​$24,000 ordinary income.
B)​$24,000 ordinary income, $1,600 interest income, $20,000 guaranteed payment.
C)​$25,600 ordinary income.
D)​$32,000 ordinary income, 1,600 interest income.
E)​$32,000 ordinary income, $1,600 interest income, $20,000 guaranteed payment.

Question 72

Which of the following is an election or calculation made by the partner rather than the partnership?

A)Calculation of a § 199 deduction amount.
B)Whether to capitalize, amortize, or expense research and experimental costs.
C)The partnership's overall accounting method.
D)Whether to claim a § 179 deduction related to property acquired by the partnership.
E)All of the above elections are made by the partnership.

Question 73

TEC Partners was formed during the current tax year.It incurred $10,000 of organizational expenses,$80,000 of startup expenses,and $5,000 of transfer taxes to retitle property contributed by a partner.The property had been held as MACRS property for ten years by the contributing partner,and had an adjusted basis to the partner of $300,000 and fair market value of $400,000.Which of the following statements is correct regarding these items?

A)TEC treats the contributed property as a new MACRS asset placed in service on the date the property title is transferred.
B)TEC must amortize the $10,000 of organizational expenses over 180 months.
C)TEC's deducts the first $5,000 of startup expenses and amortizes the remainder over 180 months.
D)TEC must capitalize the transfer tax and treat it as a new asset placed in service on the date the property is contributed.
E)None of the above statements are true.

Question 74

Which of the following statements is always true regarding accounting methods available to a partnership?

A)If a partnership is a tax shelter, it can use the cash method of accounting.
B)If a non-tax-shelter partnership had "average annual gross receipts" of less than $5 million in all prior years, it can use the cash method.
C)If a partnership has a partner that is a personal service corporation, it cannot use the cash method.
D)If a partnership has a partner that is a C corporation, it cannot use the cash method.

Question 75

Which one of the following statements regarding partnership taxation is incorrect?

A)A partnership is a tax paying entity for Federal income tax purposes.
B)Partnership income is comprised of ordinary partnership income or loss and separately stated items.
C)A partnership is required to file a return with the IRS.
D)A partner's profit-sharing percent may differ from the partner's loss-sharing percent.
E)All of these statements are correct.

Question 76

Fern,Inc.,Ivy,Inc.,and Jeremy formed a general partnership.Fern owns a 50% interest and Ivy and Jeremy each own 25% interests.Fern,Inc.files its tax return on an October 31 year-end; Ivy,Inc.,files with a May 31 year-end,and Jeremy is a calendar year taxpayer.Which of the following statements is true regarding the taxable year the partnership can choose?

A)The partnership must choose the calendar year because it has no principal partners.
B)The partnership must choose an October year-end because Fern, Inc., is a principal partner.
C)The partnership can request permission from the IRS to use a January 31 fiscal year under § 444.
D)The partnership must use the "least aggregate deferral" method to determine its "required" taxable year.

Question 77

​Xena and Xavier form the XX LLC.Xena contributes cash of $20,000,land (basis = $40,000; fair market value = $25,000),equipment (basis = $0; fair market value = $35,000),and inventory (basis = $30,000; fair market value = $40,000).Xavier contributed $100,000 of cash.How much is the partnership's basis in the land,equipment,and inventory,and how much is Xena's basis in the partnership interest?

A)​$25,000 land, $0 equipment, $30,000 inventory; $55,000 partnership interest.
B)​$40,000 land, $0 equipment, $30,000 inventory; $90,000 partnership interest.
C)​$25,000 land, $35,000 equipment, $30,000 inventory; $105,000 partnership interest.
D)​$40,000 land, $35,000 equipment, $40,000 inventory; $135,000 partnership interest.

Question 78

On January 1 of the current year,Anna and Jason form an equal partnership.Anna contributes $50,000 cash and a parcel of land (adjusted basis of $100,000; fair market value of $150,000) in exchange for her interest in the partnership.Jason contributes property (adjusted basis of $180,000; fair market value of $200,000) in exchange for his partnership interest.Which of the following statements is true concerning the income tax results of this partnership formation?

A)Jason recognizes a $20,000 gain on his property transfer.
B)Jason has a $200,000 tax basis for his partnership interest.
C)Anna has a $150,000 tax basis for her partnership interest.
D)The partnership has a $150,000 adjusted basis in the land contributed by Anna.

Question 79

Which of the following would be currently taxable as ordinary income to the service partner if received in exchange for services performed for the partnership? (In all cases,assume the interest is not sold within two years after the time it is granted to the service partner.)

A)A 10% interest in the capital of the partnership that will vest in 3 years.
B)A 20% interest in the future profits of the partnership received in exchange for future services to be performed for the partnership.
C)A 25% interest in the capital of the partnership where there are no restrictions on transferability of the interest.
D)All of the above.

Question 80

​The partner (rather than the partnership) will make which one of the following elections?

A)​Election to claim straight line depreciation.
B)​Election to claim a credit or deduction for foreign taxes paid.
C)​Election to claim a low-income housing credit.
D)Election to claim a §179 deduction for certain property placed in service during the year.
E)​The partner makes any of the above elections.