Problem 13-20 (LO. 5) Entity liabilities have an effect on a partner's basis in a partnership interest. Yet entity liabilities do not affect a corporate shareholder's stock basis (for either a C corporation or an S corporation) Complete the paragraph below that explains this difference The reason for this difference is that generally partners corporation, the shareholder has for the entity liabilities if not paid by the partnership. Ina liability and for the debts of the entity