Partnerships may maintain their capital accounts according to which of the following rules? A)
GAAPP1P1_E B)704(b) C)Tax D)Any of the rules E)
Only GAAP and 704(b)P1P1_E

Question

Partnerships may maintain their capital accounts according to which of the following rules? A)

GAAPP1P1_E B)704(b) C)Tax D)Any of the rules E)

Only GAAP and 704(b)P1P1_E

Quizplus · Accepted Answer

Partnerships can maintain their capital accounts according to any of the rules mentioned, including Generally Accepted Accounting Principles (GAAP), Internal Revenue Code Section 704(b), tax basis, or any other method that the partners agree upon.

Partnerships May Maintain Their Capital Accounts According to Which of the Following