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Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
A general partner in a partnership is a partner who __________. Is personally liable for partnership...
A general partner in a partnership is a partner who __________. Is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. Is personally liable for the partnership's nonrecourse loans. Is personally liable for partnership debts. Adheres to generally accepted accounting principals.
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
Mark for follow up Question 21 of 75. Which business is the best example of a...
Mark for follow up Question 21 of 75. Which business is the best example of a limited partnership? O Joe and Darryl operate a music studio and are both personally liable for the debts of the business. O Ken and Sherry operate an ice cream parlor and are both personally liable for the debts of the business. Susan works in the O Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave...
Question 60 of 75. Which of the following is an example of nonrecourse debt? O An...
Question 60 of 75. Which of the following is an example of nonrecourse debt? O An automobile lease O A home mortgage where the buyer is personally liable for the debt. O A personal loan for which the borrower is not personally responsible. O Any business debt that is secured by collateral. Mark for follow up
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Which of the following statements regarding the reporting of sale of stock is true Mark for...
Which of the following statements regarding the reporting of sale
of stock is true
Mark for follow up Question 64 of 75 Which of the following accurately completes the following statement? An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless The individual retains the collateral O The individual retains the collateral and the lender offers a discount for the early payment of the debt. O The individual...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Question 34 of 75. When a partner has an ownership interest in a partnership different from...
Question 34 of 75. When a partner has an ownership interest in a partnership different from the main partnership, ordinary income from the other partnership is reported where? O Line 4 of Form 1065 O Line 5 of Form 1065 O Line 6 of Form 1065 O Line 7 of Form 1065. Mark for follow up
Which one of the following statemernts concerning a partnership is true? Select one: O a. A...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
Mark for follow up Question 21 of 75. Which business is the best example of a limited partnership? O Joe and Darryl operate a music studio and are both personally liable for the debts of the business. O Ken and Sherry operate an ice cream parlor and are both personally liable for the debts of the business. Susan works in the O Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave...
Question 60 of 75. Which of the following is an example of nonrecourse debt? O An automobile lease O A home mortgage where the buyer is personally liable for the debt. O A personal loan for which the borrower is not personally responsible. O Any business debt that is secured by collateral. Mark for follow up
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Which of the following statements regarding the reporting of sale
of stock is true
Mark for follow up Question 64 of 75 Which of the following accurately completes the following statement? An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless The individual retains the collateral O The individual retains the collateral and the lender offers a discount for the early payment of the debt. O The individual...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Question 34 of 75. When a partner has an ownership interest in a partnership different from the main partnership, ordinary income from the other partnership is reported where? O Line 4 of Form 1065 O Line 5 of Form 1065 O Line 6 of Form 1065 O Line 7 of Form 1065. Mark for follow up
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
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