Partners of a Partnership

question 68

Multiple Choice

Partners of a partnership:

• A) are not liable for all the obligations of their partnership.
• B) are entitled to income of the partnership,which must be reported on their individual federal income tax returns.
• C) are not permitted to deduct partnership losses on their individual federal income tax returns.
• D) can create a partnership only by complying with a statute.

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Definitions:

Latency Period

A phase in Freudian psychology referring to an intermediate stage of psychosexual development in children, during which sexual instincts are temporarily inactive.

Repressed

A psychological term referring to thoughts, memories, or desires being unconsciously held back from conscious awareness.

Reaction Formation

A defense mechanism where unacceptable impulses or ideas are dealt with by exaggerating the opposite state of mind or type of behavior.

Same-Sex Attraction

The sexual or romantic attraction towards individuals of the same gender.