Identify Which of the Following Statements Is True

question 70

Multiple Choice

Identify which of the following statements is true.

• A)The Fisher Partnership is owned equally by four individual partners. Two of the partners have fiscal years ending March 31 and two partners have fiscal years ending June 30. The partnership has a natural business year. The partnership must adopt a calendar year for tax reporting purposes unless a Sec. 444 election is made.
• B)Partnerships make most of the tax elections for the partnership rather than the partners.
• C)A partner can elect the depreciation method to be applied to the partner's share of the partnership's depreciable assets.
• D)All of the above are false.

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Definitions:

Reassessing

The act of revising or reevaluating something to make necessary adjustments or to consider new information.

Goals And Ambitions

The desired outcomes, aspirations, or targets that an individual or organization strives to achieve through concerted efforts.

Informal Power Base

Influence or authority derived from personal networks, charisma, or knowledge, rather than official position or rank.

Coercive

A form of power or influence that involves forcing someone to do something through threats or pressure.