Which of the Following Statements Concerning Partnerships Is False

question 51

Multiple Choice

Which of the following statements concerning partnerships is false?

• A) A properly-drafted partnership agreement is crucial.
• B) A general partner's basis in a partnership includes his share of partnership debt.
• C) Limited partnerships must have at least one general partner.
• D) A partner is taxed annually on only that portion of a partnership's taxable income that is actually distributed.

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Definitions:

International Contract

An agreement between parties located in different countries, often involving the exchange of goods or services across borders.

International Law

A body of rules and principles that governs the relations and interactions between nations.

Civilized Discourse

Respectful and reasoned discussion that aims to advance understanding without resorting to personal attacks or fallacies.

International Business Transactions

Business dealings that involve parties from more than one country, encompassing the exchange of goods, services, technology, and capital across national borders.