Entity liabilities have an effect on a partner's basis in the partnership interest. Yet entity liabilities do
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Entity liabilities have an effect on a partner's basis in the partnership interest. Yet entity liabilities do not have any effect on a corporate shareholder's stock basis (for either a C corporation or an S corporation). What is the reason for this difference?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Changes in partnership liabilities increase or decrease a partners basis in the par...View the full answer
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Related Book For 
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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