In Which of the Following Situations Would the Persons Be

question 47

Multiple Choice

In which of the following situations would the persons be partners?

• A)A and B jointly own shares of the capital stock of a corporation, have a joint bank account, and have purchased real estate as tenants in common.They share the dividends on the stock, the interest on the bank account, and the net proceeds from the lease of the real estate.
• B)A and B buy and sell real estate continuously over a five-year period, conducting a business of trading in real estate.They do not consider themselves partners.
• C)A, B, and C each inherit an undivided one-third interest in a restaurant and decide to sell it because the market is such that they are assured a good price.
• D)All of these.

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Definitions:

Perishable

Items, especially foodstuffs, that spoil or decay in a relatively short period and require special handling, storage, and quick consumption.

Gross Domestic Product

The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Intangible

Refers to assets or properties that do not have a physical form but have value, such as intellectual property, software, and brand reputation.

Household Maintenance

Refers to the routine tasks and repairs needed to keep a home running smoothly and efficiently, including cleaning, fixing, and organizing.