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How and where are the differences reconciled on tax return

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Question - If John and Sue form an equal partnership where John contributes land with a value of $1,000 and a basis of $100 and Sue contributes cash of $1,000, what will their "Book Capital Accounts" and "Tax Capital Accounts" be? Which of the two capital accounts are presented on the tax return for the partnership? How and where are the differences reconciled on the tax return? On what basis is the balance sheet schedule on the tax return prepared?

Reference no: EM133008554

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