Posted: December 19th, 2016
7. Complete the following statements with the appropriate word(s) or amount(s).
1. Two legal concepts which have had a significant influence on the tax treatment of partners and
partnerships are known as the ________________ concept and the ________________
2. According to Section 704(a), a partner’s share of any partnership item is to be determined by
3. Under Section 707(b), a loss from the sale or exchange of property will be disallowed if the
partner has ________________ percent interest in the partnership.
4. The measurement and reporting of partnership income requires a two-step approach: the first
step is the ________________ and ________________ of specific items on the partnership
return; the second step is the measurement and reporting of the partnership’s
________________ income or loss.
5. The partnership return is filed on Form (use rules for the 2016 return, which is filed in 2017):
6. The individual’s copy of the partnership return is known as Schedule ________________.
7. A partner’s share of a distributive loss in the partnership is limited to his ________________
in the partnership.
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