Identify the effect of each of the following on a partner's basis for a partnership interest and

Question:

Identify the effect of each of the following on a partner's basis for a partnership interest and a shareholder's (both C corporation and S corporation) basis for stock:

Profits.
Losses.
Liability increase.
Liability decrease.
Contribution of assets.
Distribution of assets.

Corporation
A 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... Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... 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...