The American Association on Intellectual and Developmental Disabilities Classifies Intellectual

question 124

True/False

The American Association on Intellectual and Developmental Disabilities classifies intellectual disability according to level of intelligence.

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Definitions:

Guaranteed Payment

A fixed payment made to a partner by a partnership, independent of the partnership's profitability.

Cash Distribution

The payment of earnings, interest, or dividends in cash to shareholders or partners by a corporation, partnership, or other entity.

Liquidating Distribution

A payment made by a corporation to its shareholders during its dissolution, distributing its assets to the owners according to their ownership share.

Basis

The amount paid for an asset, used to determine gain or loss for tax purposes upon sale or other disposition.