Which of the Following Is True About a Partnership

question 48

Multiple Choice

Which of the following is true about a partnership?

• A)It is not a tax-paying entity for federal income tax purposes.
• B)Business losses are deductible based on the limit on a partner's individual tax return.
• C)It does not have a life apart from its owners.
• D)Partners of a partnership do not assume personal liability for obligations of the business.

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Definitions:

Psychosis

A mental disorder characterized by a disconnection from reality, which might include delusions, hallucinations, and disorganized thinking.

Psychoactive Drugs

Substances that affect the mind, mood, and other mental processes by altering brain function.

Neurotransmitters

Chemical substances that transmit signals across a synapse from one neuron to another, playing a key role in the functioning of the nervous system.

Autonomic Nervous System

The part of the nervous system that controls involuntary actions of the body, such as heart rate and digestion.