Match the Following Statements with the Best Match from the Following

question 132

Multiple Choice

Match the following statements with the best match from the following choices. Choice M may be used more than once.
-Sales price of partnership interest

• 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.

---

Definitions:

Chlorofluorocarbons (CFCs)

Man-made chemical compounds once used in air conditioning, refrigeration, and aerosol propellants, known to deplete the ozone layer.

Propellants

Substances that are used to propel an object by generating a gas under pressure.

Sea Levels

The average height of the ocean's surface, used as a baseline in measuring land elevation and ocean depth.

Wet Deposition

The process by which pollutants are removed from the atmosphere and deposited on the Earth's surface via precipitation, like rain or snow.