Which of the Following Statements Is True Regarding Partnership Operating

question 114

Multiple Choice

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

• A)Partners will never recognize a gain on an operating distribution.
• B)Partners receiving a distribution of property other than money will take a basis in the property equal to its fair market value.
• C)Partners will never recognize a loss on an operating distribution.
• D)None of the statements are true.

---

Definitions:

Identical Twins

Siblings born from the same pregnancy who share all of their genes because they were formed from a single zygote that split into two.

Misinterpretations

Incorrect or mistaken understanding or explanation of a statement, action, or event.

Compulsions

Repetitive or ritualistic acts that, in OCD, serve in some way to deal with the obsessions.

Hallucinations

Perceptions in the absence of external stimuli, such as seeing, hearing, feeling, or smelling things that are not there.