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:

Puberty

The developmental stage during which a child's body transitions into an adult body capable of sexual reproduction.

Reproduction

The biological process by which individuals are produced.

Adulthood

The period in human life characterized by fully developed physical growth and maturity, as well as legal responsibility for one's actions.

Psychosexual Development

Development of the psychological components of sexuality.