Which of the Following Is Not a Characteristic of a Partnership

question 60

Multiple Choice

Which of the following is not a characteristic of a partnership?

• A)Must meet 80 percent control requirement for formation to be tax free
• B)Cash distributions to partners may be taxable
• C)Loss is only recognized on liquidating distributions
• D)General partners' salaries are subject to FICA taxes.

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Definitions:

Genitalia

The external and internal organs of reproduction and their associated structures.

Prostate Gland

A gland in the male reproductive system that produces a fluid which helps to nourish and transport sperm.

Bulbourethral Glands

Small glands located near the base of the penis, involved in secreting a fluid that lubricates and neutralizes acidity during sexual arousal.

Seminal Vesicles

are paired glands located near the male bladder that produce a significant portion of the fluid constituting semen.