Match the Following Statements with the Best Match from the Following

question 42

Multiple Choice

Match the following statements with the best match from the following choices. Choice M may be used more than once.
-Active member of LLC

• A)Includes the partner's share of partnership liabilities.
• B)Could result from sale of a partnership interest for more than the partner's share of the inside basis of assets.
• C)Liquidation payments from this type of partnership are always § 736b) payments.
• D)Could arise if a distribution results in loss to the distributee partner.
• E)May be a § 736a) payment.
• F)May receive § 736a) payments.
• G)Probably treated as a general partner for § 736 purposes
• H)Conversion of an LLC to a C corporation
• I)Liquidation payments from this type of partnership may include § 736a) payments.
• J)A § 736b) payment.
• K)Adjustment designed to bring inside and outside bases into balance.
• L)Partnership asset basis is at least $250,000 > FMV.
• M)No correct match is provided.

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Definitions:

Table Column

A table column is a vertical arrangement of data in a table, where each column contains information about a specific attribute of the entities listed in the rows.

Table Row

A horizontal group of cells in a table, typically used to represent a single record or entry of data.

Cut and Paste

The process of moving data or text from one location to another by first removing it from its original location and then inserting it into a new one.

First Column

Refers to the initial column in a spreadsheet or table, often containing key information or identifiers for the rows.