Identify Which of the Following Statements Is True

question 91

Multiple Choice

Identify which of the following statements is true.

• A) The rule for recognizing gain on a liquidating distribution is the same rule that is used for a current distribution.
• B) A liquidating distribution that terminates a partnership interest cannot include more than one distribution.
• C) A partnership with a large amount of unrealized receivables and substantially appreciated inventory items liquidated and distributed all of its assets in kind to each partner in proportion to their partnership interests. Each partner will report ordinary income at the time these assets are received equal to their FMV.
• D) All of the above are false.

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Definitions:

Clear Goal

A specific, well-defined, and easily understandable objective that an individual or group aims to achieve.

Deficiency Motives

Drives that arise from the lack of fundamental psychological or physiological needs.

Hierarchy Of Needs

A theory proposed by Abraham Maslow suggesting that human needs are arranged in a hierarchical order, with basic physical needs at the bottom and self-actualization at the top.

Growth Needs

Higher level psychological needs for personal development, self-fulfillment, and realizing one's potential, often associated with Maslow's hierarchy of needs.