Identify Which of the Following Statements Is True

question 18

Multiple Choice

Identify which of the following statements is true.

• A)The partnership tax year closes when a partner transfers his interest by gift.
• B)If a partner dies in a two-member partnership, the partnership terminates on the date of death, even though the successor-in-interest continues to share in the profits and losses of the partnership business.
• C)When the interest of a partner who owns 60% of a partnership is completely liquidated by a partnership distribution, the partnership is considered terminated, even though three other partners remain.
• D)All of the above are false.

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