A partner's tax capital account balance and book capital account balance may be different because:

Book capital accounts usually include the adjusted basis of a contributed asset, whereas tax capital accounts include the FMV of the asset, less any assumed liabilities.

Book capital accounts are decreased for the amount of tax$-$exempt interest income and Section $179$ deductions, whereas tax capital accounts are increased for these items.

Book capital accounts usually include the fair market value of a contributed asset, whereas the tax capital account calculation starts with the adjusted basis of the contributed

Book capital accounts include adjustments when depreciation methods vary from MACRS$/$ACRS rules, and tax capital accounts are not required to use MACRS$/$ACRS$.$

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Question $2$ of $7.$

Thia contributed $$18,000$ in cash for a $25\%$ interest in a partnership. She also contributed property with an adjusted basis of $$15,000$ and a fair market value of $$20,000.$ What is Thia's beginning

her book capital account balance in her partnership interest?

Tax capital account, $$38,000$; book capital account, $$33,000.$

Tax capital account, $$33,000$; book capital account, $$38,000.$

Tax capital account, $$18,000$; book capital account, $$15,000.$

Tax capital