Which of the following is a correct definition of a concept related to partnership taxation? Group of answer choices The aggregate concept treats partners and partnerships as separate units and gives the partnership its own tax ""personality."" A partner’s capital sharing ratio is defined as the percent of partnership assets (capital) that would be allocated to the partner upon liquidation of the partnership. The partnership’s outside basis is defined as the sum of each partner’s capital account balance. A special allocation is defined as an amount that could differently affect the tax liabilities of two or more partners. None of these statements is correct.

A Partner's capital sharing ratio is defined as the percent of partnership assets (capital) that would be allocated to the partner upon liquidation of the partnership

Explanation:

Partnership refers to an agreement between two or more individuals who have mutually agreed to share profits and losses in a business in a particular pre-specified ratio or as per the provisions of the partnership deed.

A Partner's capital sharing ratio refers to the proportion of capital, individual partners hold in a partnership, which would be paid to them in the event of liquidation of the partnership.

Liquidation refers to the closure of partnership by mutual agreement or in the event of insolvency of individual partners.

Partners are subject to federal income tax on the profits which represent their individual share.

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