Identify Which of the Following Statements Is True

question 52

Multiple Choice

Identify which of the following statements is true.

• A)A partnership cannot have an NOL carryback or carryforward.
• B)A partnership cannot make charitable contributions.
• C)Dividends received by a partnership from a domestic corporation are included in the partnership's ordinary income.
• D)All of the above are false.

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Definitions:

Discharged From Liability

The release of a debtor from the obligation to repay a debt, usually following a legal process such as bankruptcy proceedings.

Dishonor

Failure to fulfill an obligation, especially the non-payment of a check or negotiable instrument when it is presented for payment.

Warranties

Legally binding promises made by a manufacturer or seller that a product or service meets certain quality and reliability standards or that certain repair or replacement conditions will be met.

Unaccepted Draft

A written order to pay a specified amount that has not been agreed to or signed by the party expected to pay.