rick and hank are partners in a-bookkeeping business, which is true regarding item L on the partner's Schedule K-1. item L

Rick and Hank are partners in a bookkeeping business. which is true regarding item L. On the partner's Schedule K-1 item L.(1) is completed only when the partnership uses GAAP accounting.(2) is required when Schedule B, line 4 is checked "yes". (3) Reports the partner's percentage of ownership in the partnership.(4) shows any increase in the partners account