ZuoTi.Pro
Question

Which of the following statements regarding a Section 754 election is/are false? a. The basis adj...

Which of the following statements regarding a Section 754 election is/are false?

a. The basis adjustment election may be revoked by the partnership subject to certain limitations.

b. The application for revocation of the election must be made not later than 30 days after the close of the tax year of the partnership with respect to which the revocation is intended to take effect.

c. The new partner elects to adjust the basis of its assets.

d. An automatic 12-month extension of time to make the election is available.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Solotion- 0 basis af ds assets Explanation:- assefS becayse bass of its assets. n standaadi 2e d Bease 1 etemais clechs to a

0 0
Add a comment
Know the answer?
Add Answer to:
Which of the following statements regarding a Section 754 election is/are false? a. The basis adj...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Which of the following statements regarding a partner's basis adjustments is false? Multiple Choice C) A...

    Which of the following statements regarding a partner's basis adjustments is false? Multiple Choice C) A partner's basis may never be reduced below zero C ) Relief of partnership debt decreases a partner's tax basis ( Partnership fines and penalties do not affect a partner's basis. ( A partner must adjust his basis for ordinary income (loss) and for separately stated items

  • Which of the following statements regarding section 338 is false? a. Parent corporation will have a...

    Which of the following statements regarding section 338 is false? a. Parent corporation will have a basis in the subsidiary’s assets equal to its’ basis in subsidiary’s stock. b. The subsidiary need not be liquidated. c. Loss is not recognized by subsidiary. d. Election must be made by the fifteenth day of ninth month following a qualified stock purchase.

  • Which of the following statements regarding the process for determining a partnership's tax year-end is false?...

    Which of the following statements regarding the process for determining a partnership's tax year-end is false? Multiple Choice Only the partners profits interests are relevant when determining if a partnership has a majority interest taxable year C) Under the principal partners test, a principal partner is defined as a partner having an interest of 5% or more in the profits of capital of the partnership The least aggregate deferral est utilizes the partners interests to measure the amount of aggregate...

  • Which of the following statements is false? A)With respect to fund basis financial statements, a government...

    Which of the following statements is false? A)With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. B)When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. C)When preparing fund basis financial statements, any funds not reported separately are reported by function. D)In addition to the government-wide statements, governments are...

  • Question 13. Which of the following statements about debt capital is correct? (a) [1 mark] An...

    Question 13. Which of the following statements about debt capital is correct? (a) [1 mark] An unsecured creditor only has rights in contract, whereas a secured creditor has rights under the Corporations Act 2001 (Cth) An unsecured creditor only has rights under the Corporations Act, whereas a secured creditor has rights in contract A secured loan is one in respect of which the company has given special rights over its property to a creditor that can be used by a...

  • Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by...

    Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by your instructor, indicate your choice in the Answers column by writing “T” for a true answer or “F” for a false answer. (1 point for each correct answer) For Answers Scoring 1. A child working for his father’s corporation is not exempt from coverage under FICA................. 1. 2. Under FICA, each partner in a partnership is defined as an employee of that organization............ 2....

  • 1. Which of the following statement is not true regarding sales tax: a)Sales tax is a...

    1. Which of the following statement is not true regarding sales tax: a)Sales tax is a consumption tax b)Sales tax applies to the sale of certain goods and services c) Sales tax is levied at the point of sale d)Sales tax is collected by the retailer and passed on to the government e)Consumers pay sales tax directly to the state f) If a business fails to collect sales tax from a consumer, they are still responsible for paying the uncollected...

  • [The following information applies to the questions displayed below.] In the largest criminal tax case ever...

    [The following information applies to the questions displayed below.] In the largest criminal tax case ever filed, KPMG admitted it engaged in a fraud that generated at least $11 billion dollars in phony tax losses, which, according to court papers, cost the United States at least $2.5 billion dollars in evaded taxes. In addition to KPMG's former deputy chairman, the individuals indicted included two former heads of KPMG's tax practice and a former tax partner in the New York City...

  • Refer to the following financial statements and answer the following questions hints:- 13. cash provided (used)...

    Refer to the following financial statements and answer the following questions hints:- 13. cash provided (used) by operating activities, investing activities, and financing activities. 14. cash-based net income. 15. estimate of uncollectible accounts receivable. 16. calculate and interpret accounts receivable ratio (most recent and prior period). hints:- 2:12 PM Wed Apr 15 39%). A 51.04cdn.com PART II NIKE, Inc. Consolidated Statements of Income in mWors, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead...

  • All of the following questions are in relation to the following journal article which is available...

    All of the following questions are in relation to the following journal article which is available on Moodle: Parr CL, Magnus MC, Karlstad O, Holvik K, Lund-Blix NA, Jaugen M, et al. Vitamin A and D intake in pregnancy, infant supplementation and asthma development: the Norwegian Mother and Child Cohort. Am J Clin Nutr 2018:107:789-798 QUESTIONS: 1. State one hypothesis the author's proposed in the manuscript. 2. There is previous research that shows that adequate Vitamin A intake is required...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT