Hello World
Tax Glossary
What Is a “Partnership contribution”?
A partnership contribution is an asset—such as cash, services, or physical property—that an owner puts into a partnership or multi-member...
Tax Glossary
What Is a “Liquidating distribution”?
A liquidating distribution is a final payout of cash or property from a business to an owner that completely terminates...
Tax Glossary
What Is a “Current distribution”?
A current distribution (also known as a non-liquidating distribution) is a transfer of cash or property from a business to...
Tax Glossary
What Is a “Partnership distribution”?
A partnership distribution is a transfer of cash or physical property from a business to one of its partners or...
Tax Glossary
What Is a “Book capital account”?
A book capital account is a financial record that tracks a partner’s or LLC member’s true economic equity in a...
Tax Glossary
What Is a “Tax capital account”?
A tax capital account is a financial record that tracks a partner’s or LLC member’s equity in a business using...
Tax Glossary
What Is a “Capital account”?
A capital account is a financial and tax record that tracks a partner’s or owner’s equity in a business, typically...
Tax Glossary
What Is “Inside basis”?
Inside basis is the tax value of the assets owned directly by a business, such as a partnership or an...
Tax Glossary
What Is “Outside basis”?
Outside basis is a tax term that represents a partner’s or LLC member’s tax investment in their ownership share of...
Tax Glossary
What Is “Partner basis”?
Partner basis (sometimes called “outside basis”) is a tax accounting measurement of your personal financial investment in a partnership or...