The sponsors of ABS are the originators of the loans and receivables.Common sponsors include banks, finance companies, and credit card issuers.A partner’s initial basis in his partnership interest depends on how the partner acquired the interest.If the partner acquired the interest in exchange for a contribution to the partnership, his basis generally equals the amount of money and the partner’s adjusted basis in any property contributed to the partnership. If the property is subject to indebtedness at the time of the contribution, the partner’s basis is reduced by the portion of the debt that is assumed by the other partners. If the partner acquired his interest in exchange for services, his basis equals the value of services provided. If the partner purchased his partnership interest, his basis equals his cost. The partner’s initial basis is adjusted to give effect to transactions affecting the partnership. The material contracts that certain companies are required to disclose provide a wealth of information for commercial lawyers and business investors who may have questions about a particular contract or are interested in seeing how other parties have drafted their legal agreements.
All or portion of an ACCOUNT, loan, or note receivable considered to be uncollectible. State laws that regulate the ISSUANCE of SECURITIES. Individuals responsible for overseeing the affairs of an entity, including the election of its officers.
This discussion of the tax consequences of contributions to partnerships will also apply to limited liability companies unless the limited liability company has elected to be taxed as a corporation.
As with S corporations, the tax consequences of a distribution to a partner are heavily dependent on the partner’s basis in his partnership interest.
Substantive tests of financial information which examine relationships among data as a means of obtaining evidence.
Such procedures include: (1) comparison of financial information with information of comparable prior periods; (2) comparison of financial information with anticipated results (e.g., forecasts); (3) study of relationships between elements of financial information that should conform to predictable patterns based on the entity's experience; (4) comparison of financial information with industry norms.