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 the tax capital account includes 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 FMV of a contributed asset, whereas the tax capital account calculation starts with the adjusted basis of the contributed property. Book capital accounts include adjustments when depreciation methods vary from MACRS/ACRS rules, and tax capital accounts are not required to use MACR/ACRS. Mark for follow up