Identify Which of the Following Statements Is True

question 3

Multiple Choice

Identify which of the following statements is true.

• A) For tax purposes, the partnership takes a carryover basis in the contributed property that references the contributing partner's basis.
• B) The Right Partnership sells a delivery truck and recognizes a gain of $2,000, which represents depreciation recaptured under Sec. 1245. The $2,000 gain will retain its identity as a separately stated item.
• C) The Hunter Partnership has a net long- term capital gain of $4,000 and a net short- term capital loss of $1,000 for the current tax year. The gain and loss will be netted and the partners will include their proportionate share of the $3,000 net long- term capital gain on their return.
• D) All of the above are false.

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Definitions:

Contractions of the Stomach

Rhythmic contractions of the stomach muscles that help in mixing and breaking down food as part of the digestive process.

Muscle Tissue Type

Categorizes into skeletal, smooth, and cardiac, each with distinct structure and function in movement and support.

Smooth

Used to describe textures that are even and unmarked by ridges or indentations, often perceived as pleasant to the touch.

Short, Branching Cells

Descriptive of certain types of cells, such as neurons, that have a compact and branched structure, facilitating communication within the body.