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No, the IRS matches social security numbers on Mortgage Interest Statements with the taxpayer number on the 1040 claiming the deduction. Plus the person paying the payment is the only one that can...

In a Sub-S Corporation an owner can take profit distributions which could be termed as withdrawals without deductions. However, these profit distributions should not be taken alone without any...

Usually a partner capital account is an accumulation of withdrawals and income from prior years plus additional partner capital contributions in current year. The partner account would be only the...

Try to envision the General Ledger Equation which is Assets + Expenses=Liabilities + Equity + Revenue. Everything on the left side of the equation has a normal balance of + while everything on the...