Which of the Following Is True of Partnership Property

question 26

Multiple Choice

Which of the following is true of partnership property?

• A)The fact that property is used in the business makes it partnership property though it does not show in the account books.
• B)Payment by the partnership of taxes or insurance on property is conclusive evidence that the property is owned by the partnership.
• C)Any property acquired with partnership funds is partnership property though a contrary intent is clearly shown.
• D)It includes all property that originally was contributed to the partnership as well as anything purchased then or later for the partnership.

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Definitions:

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