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Which statement regarding book capital accounts and the tax capital account is INCORRECT? A both can have a negative balance B the book capital account
Which statement regarding book capital accounts and the tax capital account is INCORRECT?
A both can have a negative balance
B the book capital account and the tax capital account may vary due to depreciation
C the book capital account reflects adjusted basis while the tax capital account reflects the fair market value
D the book capital account and the tax account may vary because of the revaluation of assets
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