Identify Which of the Following Statements Is True

question 70

Multiple Choice

Identify which of the following statements is true.

• A)The Fisher Partnership is owned equally by four individual partners. Two of the partners have fiscal years ending March 31 and two partners have fiscal years ending June 30. The partnership has a natural business year. The partnership must adopt a calendar year for tax reporting purposes unless a Sec. 444 election is made.
• B)Partnerships make most of the tax elections for the partnership rather than the partners.
• C)A partner can elect the depreciation method to be applied to the partner's share of the partnership's depreciable assets.
• D)All of the above are false.

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Definitions:

Low LPC

A term from Fiedler's Contingency Model, referring to leaders who are task-oriented and prioritize completing tasks over catering to relationships with team members.

Leadership Situation

A scenario or context in which leadership is exerted, potentially influencing the effectiveness of leadership styles or strategies depending on various factors.

Group's Cohesiveness

The degree to which members of a group are attracted to each other and motivated to stay in the group, influencing its effectiveness and stability.

Situational Model

A theory or framework that suggests behavior is determined by a combination of someone's personality and the specific characteristics of the situation they are in.