Identify Which of the Following Statements Is True

question 93

Multiple Choice

Identify which of the following statements is true.

• A)John Albin is a retired partner of Brill & Crum, a personal service partnership. Albin has not rendered any services to Brill & Crum since his retirement six years ago. Under the provisions of Albin's retirement agreement, Brill & Crum is obligated to pay Albin 10% of the partnership's net income each year through the end of the current year. In compliance with the agreement, Brill & Crum pay Albin $25,000 in the current year. Albin should treat this $25,000 as a long-term capital gain.
• B)An exchange of partnership interests in different partnerships qualifies under the like-kind exchange rules.
• C)The payment for partnership property to a retiring partner is not deductible by the partnership and often not income to the retiring partner.
• D)All of the above are false.

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Definitions:

Selective Perception

The process by which individuals perceive what they want in media messages while ignoring opposing viewpoints.

Filtering

The process of screening or removing unnecessary information or data to focus on relevant or important details.

Feedback

Information provided regarding aspects of one's performance or understanding, aimed at improvement.

Selective Perception

The process by which individuals perceive what they want to in media messages while ignoring opposing viewpoints.