What is the function of a partners capital account under the rules of generally accepted accounting principles

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What is the function of a partner’s capital account under the rules of generally accepted accounting principles (GAAP)? What is the partner’s initial balance in the capital account? How and when does the capital account increase and decrease? What is the GAAP treatment of distributions to a partner?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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