Match the Following Statements with the Best Match from the Following

question 96

Multiple Choice

Match the following statements with the best match from the following choices. Choice M may be used more than once.
-Step down

• A)Includes the partner's share of partnership liabilities.
• B)Could result from sale of a partnership interest for more than the partner's share of the inside basis of assets.
• C)Liquidation payments from this type of partnership are always § 736b) payments.
• D)Could arise if a distribution results in loss to the distributee partner.
• E)May be a § 736a) payment.
• F)May receive § 736a) payments.
• G)Probably treated as a general partner for § 736 purposes
• H)Conversion of an LLC to a C corporation
• I)Liquidation payments from this type of partnership may include § 736a) payments.
• J)A § 736b) payment.
• K)Adjustment designed to bring inside and outside bases into balance.
• L)Partnership asset basis is at least $250,000 > FMV.
• M)No correct match is provided.

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Definitions:

House Un-American Activities Committee

A committee of the U.S. House of Representatives, established in 1938, which conducted investigations into alleged disloyalty and subversive activities by persons or organizations suspected of having Communist ties.

Richard Nixon

The 37th President of the United States, serving from 1969 to 1974, known for his involvement in the Watergate scandal leading to his resignation.

Alger Hiss

A former State Department official who was convicted of perjury in the late 1940s, stemming from allegations of spying for the Soviet Union, leading to a highly publicized trial and contributing to the Red Scare.

White Citizens’ Councils

Organizations in the Southern United States during the mid-20th century that promoted racial segregation and opposed civil rights for African Americans using economic pressures and social intimidation.