How Does a Partnership Make a Tax Election for the Current

question 42

Multiple Choice

How does a partnership make a tax election for the current year?

• A)Partnerships make certain elections automatically by simply filing their returns.
• B)Partnerships make certain tax elections by filing a separate form with the IRS.
• C)Partnerships do not need to file anything to make a tax election.
• D)Partnerships do not make tax elections. Partners must make tax elections separately.
• E)Both partnerships make certain elections automatically by simply filing their returns and partnerships make certain tax elections by filing a separate form with the IRS.

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Definitions:

Acceptance

In contract law, the offeree's indication to the offeror that the offeree agrees to be bound by the terms of the offeror’s offer or proposal to form a contract.

Offer

A promise or commitment to do or refrain from doing some specified thing in the future.

Breach of Contract

The violation of a contractual obligation or a failure to perform any promised act or obligation.

Intellectual Property

Legal rights that come from the intellectual activity in the industrial, scientific, literary, and artistic fields.