Which of the Following Statement(s) Is (Are) True

question 174

Multiple Choice

Which of the following statement(s) is (are) true?

• A) a partnership may consist entirely of limited partners
• B) a limited partner may exercise control over the business in proportion to his interest in it
• C) a limited partnership must have at least one general partner
• D) all of the other specific choices are true
• E) none of the other choices

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Definitions:

§179 Expense

A section of the U.S. tax code that allows a business to deduct the full purchase price of qualifying equipment or software within the tax year.

Business Assets

Economic resources or items of value owned by a company that are expected to provide future benefits or profits.

Bulldozer

A heavy, tractor-like vehicle with a large, metal plate used to push large quantities of soil, sand, rubble, or other such material during construction or conversion work.

Capital Loss Deduction

A tax deduction for losses incurred on the sale of an asset held for investment, allowing for the offset of capital gains or regular income up to certain limits.