Identify Which of the Following Statements Is True

question 18

Multiple Choice

Identify which of the following statements is true.

• A)The partnership tax year closes when a partner transfers his interest by gift.
• B)If a partner dies in a two-member partnership, the partnership terminates on the date of death, even though the successor-in-interest continues to share in the profits and losses of the partnership business.
• C)When the interest of a partner who owns 60% of a partnership is completely liquidated by a partnership distribution, the partnership is considered terminated, even though three other partners remain.
• D)All of the above are false.

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Definitions:

Conforms

To behave according to the conventional standards, rules, or laws set by a group or society.

Normative Social Influence

It is the influence of other people that leads us to conform in order to be liked and accepted by them.

Compliance

The act of conforming, submitting, or adapting one's actions to another's wishes, rules, or regulations.

Referent Group

A group to which an individual or another group is compared, often for the purpose of evaluating and understanding one's own attitudes, values, and behaviors.