M - 6 - Partnerships Flashcards
1
Q
Are guaranteed payments included in QBI?
A
No
2
Q
Are organizational expenses the same as C Corps?
A
Yes
3
Q
What is included in a parternship basis?
A
Capital account, plus the partnerhsips debt
4
Q
Difference between recourse and non-recourse?
A
Recourse - Partner has personal liability.
Non-recourse - Debit is secured by property.
5
Q
How is basis effected by increases and decreases in debt?
A
Increases in debt increases the partners debt, opposite for decreases in debt.
6
Q
Does guaranteed payment have any impact on basis?
A
No
7
Q
A
