Based on the Entity Concept of Partnerships, Which of the Following

question 50

Multiple Choice

Based on the entity concept of partnerships, which of the following statements is false?

• A)A partnership may enter into taxable transactions with partners.
• B)A partnership is legally liable for debts of the partners.
• C)A partnership must file an annual tax return (Form 1065) reporting the results of operations.
• D)A partnership is required to make tax elections for partnership activities that are applicable to all partners.
• E)A partnership may hold title to property in its own name.

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Definitions:

Levels

Different stages, degrees, or magnitudes of something, used to categorize, measure, or compare aspects of phenomena or experiences.

Intelligence

The ability to learn from experience, solve problems, and use knowledge to adapt to new situations.

Objective Goals

Specific, measurable outcomes that individuals or organizations aim to achieve within a time frame.

Unguided Self-discovery

A process where individuals explore and understand their own feelings, thoughts, and actions without structured guidance or intervention.