In What Order Should the Tests to Determine a Partnership's

question 53

Multiple Choice

In what order should the tests to determine a partnership's year-end be applied?

• A)majority interest taxable year; least aggregate deferral; principal partners test.
• B)principal partners test; majority interest taxable year; least aggregate deferral.
• C)principal partners test; least aggregate deferral; majority interest taxable year.
• D)majority interest taxable year; principal partners test; least aggregate deferral.
• E)None of the choices are correct.

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Definitions:

Breach Of Contract

The violation of any term of a contract without a legitimate legal excuse, which allows the other party to the contract to seek legal remedies.

Recovery

The process of regaining possession or control of something lost or taken away, or the return to a normal state of health, mind, or strength.

Dishonor

The refusal or inability to accept or pay a bill of exchange, promissory note, or other credit instrument when due.

Real Defenses

Legitimate legal defenses available in disputing the validity or enforceability of negotiable instruments.