Which of the Following Statements Is True Regarding Partnership Operating

question 31

Multiple Choice

Which of the following statements is true regarding partnership operating distributions?

• A) If a partner's outside basis is less than the bases of the assets distributed in an operating distribution, the partner will recognize a loss.
• B) If a partner's outside basis is greater than the bases of the assets distributed in an operating distribution, the partner will recognize a gain.
• C) If a partner's outside basis is greater than the bases of the assets distributed in an operating distribution, the partner will recognize a loss.
• D) None of the statements are true.

---

Definitions:

Master Control Relay

A main relay used in electrical or automation systems to control the operation of multiple circuits or systems.

Enclosure

A steel box with a removable cover or hinged door used to house electric equipment.

Watchdog Error

An error condition triggered by a watchdog timer, which monitors system or process activity to ensure it is operating within expected norms, indicating malfunctions or failures.

Scan Time

The time required to read all inputs, execute the control program, and update local and remote input and output statuses. Scan time is, in effect, the time required to activate an output controlled by programmed logic.