The QBID is part of itemized deductions.

Non recourse borrowing of a partnership increases the at risk basis of each

partner in interest in the partnership.

Tax exempt interest income decreases the basis of each partner's interest

in the partnership.

A partner's regular basis in a partnership equals the fair market value of

the property contributed, plus the partner's share of all liabilities, minus

any liability of the partner assumed by the partnership.

A capital loss is deductible in order to determine the ordinary income

of a partnership.

If a married couple's taxable income is $$315,000,$ the restrictive

rules for SSTBs do not apply.

Section $1245$ gains are separately stated items for a partnership.

A partner does not recognize any income when services are

exchanged for a partnership interest.

An ordinary loss is fully deductible by a partner without regard to his

partnerships basis.

The QBID for a single taxpayer with $2023$ taxable income under $$182,100$

is the lessor of $20\%$ of qualified business income or $20\%$ of taxable

income plus capital gains.

After the initial formation of a partnership, the partner's basis will

increase by their pro rata share of losses.

Under Section $721,$ when a partner contributes property with a

FMV that is higher than the property's adjusted basis, a pre contribution

gain is suspended and will be allocated $100\%$ to the contributing partner

when the property is sold by the partnership.

Under Section $721,$ the partnership's basis in the contributed property

is the contributors fair market value.

Short term capital gains are separately stated items for a partnership.

A liquidating cash distribution may reduce the recipient partner's

basis below zero.

A non liquidating distribution of only cash, may result in a deductible

loss.

If a partner has a basis of $$15,000$ in a partnership, and receives a

non liquidating distribution of land with an adjusted basis of $$16,000,$

but a FMV of $$18,000,$ there will be a gain of $$1,000.$

In a nonliquidating distribution of property, the partner's basis

must equal zero.

A partner recognizes a gain on a distribution only to the extent that

cash received exceeds the partner's basis in the partnership.

In a nonliquidating distribution, if there is sufficient basis to the partner,

the property received will have the same basis to the partner as the

property had to the partnership.

I need each one answered as true or false.