which of the following is considered a partnership termination? a. over 50% of the operations are...
which of the following is considered a partnership
termination?
a. over 50% of the operations are discontinued and no part of any
business financial operation or venture is continued by any of its
partners in a partnership
b. all of the oprations are discontinued and no part of any
business financial operation or venture is continued by any of its
partner in a partnership
c. over 50% of the operations are discontinued and less than 50% of
the business financial operation or venture is continued by any of
its partner in a partnership
d. all of its operations are discontinued and less than 50% of the
business, financial operation or venture is continued by any of its
partners in a partnership
Homework Answers
b. all of the operations are discontinued and no part of any business financial operation or venture is continued by any of its partner in a partnership.
(ANSWER).
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which of the following is considered a partnership
termination?
a. over 50% of the operations are...
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...
People seek to form partnership to extend and maintain business operations. Each partner contributes to all...
People seek to form partnership to extend and maintain business operations. Each partner contributes to all aspects of the business including, money, property, labor or skill. The profits and losses of the business are shared among the partners. The decision-making process is important as each partner may have different opinions regarding issues, structure, ventures, and operation. Therefore, it is vital to develop a legal partnership agreement (Partnership Deed) to document how future business decisions will be made. Discussion Instructions: For...
which of the following would result in a decrease in the partners basis in the partnership...
which of the following would result in a decrease in the partners basis in the partnership if the items were reported to the partner on his ir schedule k1? a. trade or business income b. tax exempt income c. capital gain income d. a cash distribution to the partner from the partnership
9 Which of the following statements is NOT true with regards to the division of proft...
9 Which of the following statements is NOT true with regards to the division of proft that aliows interest allowance, salary alowance, and bonus? A Interest allowance is allowed regardiess of the result of operation B. Regardiess of the date when the partnership started ts operation, the amount of interest computed for the whole year must be allowed to the partners C. The amount of salary alowance will depend upon the partner's expertise and time devoted to the partnership D....
Question 40 (2.4 points) A & B are in business as the AB partnership. The partnership...
Question 40 (2.4 points) A & B are in business as the AB partnership. The partnership is undergoing an installment liquidation. A and B share income in a 4:1 ratio, and have current capital balances of $40,000 and $70,000, respectively. $30,000 in cash is available for distribution. Assuming all liabilities have been paid, what is the amount of the safe payment to B? $24,000 $30,000 $20,000 SO Previous Page Next Page Page 36 of 49 Partners in MNO Partnership have...
The individual assets invested by a partner in a partnership a revert back to that partner...
The individual assets invested by a partner in a partnership a revert back to that partner if the partnership liquidates. e determine that partner's share of net income or loss torre you c. are jointly owned by all partners. d. determine the scope of authority of that partner. Which one of the following would not be considered e following would not be considered a disadvantage of the partnerstig om organization? a. Limited life b. Unlimited liability c. Mutual agency d....
The ABCZ partnership was formed for the purpose of developing tracts of land. A, B, and...
The ABCZ partnership was formed for the purpose of developing tracts of land. A, B, and C are individual limited partners and Z, a corporation, is the sole general partner. The corporation has a 20 percent interest in the part- nership and has substantial assets other than its partnership interest. The partnership agreement provides that limited partners can transfer in- come interests only with the consent of the general partner and further pro- vides that the limited partners can freely...
1. When a partner sells 40% of his interest to an outsider at a selling price...
1. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
With regard to fringe benefits offered to partners, which of the following is correct? a. partnership-paid...
With regard to fringe benefits offered to partners, which of the following is correct? a. partnership-paid insurance premiums provided as compensation for services rendered to the partnership are generally treated as Section 707 (c) guaranteed payments to the recipient partner, b. Partners are treated the same as garden variety employees for all fringe benefit purposes, c. All partnership-paid fringe benefits are federal income tax free for partners, d. All partnership-paid fringe benefits are fully taxable for partners
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...
9 Which of the following statements is NOT true with regards to the division of proft that aliows interest allowance, salary alowance, and bonus? A Interest allowance is allowed regardiess of the result of operation B. Regardiess of the date when the partnership started ts operation, the amount of interest computed for the whole year must be allowed to the partners C. The amount of salary alowance will depend upon the partner's expertise and time devoted to the partnership D....
Question 40 (2.4 points) A & B are in business as the AB partnership. The partnership is undergoing an installment liquidation. A and B share income in a 4:1 ratio, and have current capital balances of $40,000 and $70,000, respectively. $30,000 in cash is available for distribution. Assuming all liabilities have been paid, what is the amount of the safe payment to B? $24,000 $30,000 $20,000 SO Previous Page Next Page Page 36 of 49 Partners in MNO Partnership have...
The individual assets invested by a partner in a partnership a revert back to that partner if the partnership liquidates. e determine that partner's share of net income or loss torre you c. are jointly owned by all partners. d. determine the scope of authority of that partner. Which one of the following would not be considered e following would not be considered a disadvantage of the partnerstig om organization? a. Limited life b. Unlimited liability c. Mutual agency d....
The ABCZ partnership was formed for the purpose of developing tracts of land. A, B, and C are individual limited partners and Z, a corporation, is the sole general partner. The corporation has a 20 percent interest in the part- nership and has substantial assets other than its partnership interest. The partnership agreement provides that limited partners can transfer in- come interests only with the consent of the general partner and further pro- vides that the limited partners can freely...
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