In the Case of Thomas V

question 2

Multiple Choice

In the case of Thomas v. Lloyd , the court held:

• A) the use of land by a partnership is determinative of the fact that the land is owned by the partnership.
• B) whether real estate titled in the names of individual partners is partnership property is a question of fact, and the burden of proof is on the one alleging that the actual ownership does not match the names on the legal title.
• C) payment of real estate taxes out of partnership funds is determinative of the fact that the land is a partnership asset.
• D) payment of promissory note payments for the real estate out of partnership funds is determinative of the fact that the realty is a partnership asset.

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Definitions:

Sound Judgment

The ability to assess situations or circumstances and draw sensible conclusions, often used in decision-making processes.

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Officially recognize or attest, often in writing, that a set of conditions, standards, or requirements has been met.

Financial Ratios

Metrics derived from a company's financial statements to assess its performance, liquidity, profitability, and other aspects.