Identify Which of the Following Statements Is True

question 67

Multiple Choice

Identify which of the following statements is true.

• A) When a partnership assumes a liability on property contributed by a partner, the only effect on the contributing partner's basis in his or her partnership interest is that his or her basis will be increased by the amount of the liability assumed by the other partners.
• B) A contribution of services for a partnership interest is a tax- free transaction.
• C) For federal income tax purposes, formation of a partnership is governed by Sec. 721.
• D) All of the above are false.

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Definitions:

Ventricular Diastole

The phase of the cardiac cycle during which the heart's ventricles relax and fill with blood.

Stroke Volume

The volume of blood pumped by the left ventricle of the heart in one contraction.

COPD

Chronic Obstructive Pulmonary Disease, a group of progressive lung diseases characterized by increasing breathlessness, frequent coughing, wheezing, and chest tightness.

Oxygen Delivery Device

Equipment used to supply extra oxygen to individuals who are not getting enough oxygen naturally, such as nasal cannulas or masks.