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:

Psycholinguistic Theory

A framework that studies how psychological factors and linguistic elements interact in the processing and comprehension of language.

Empiricist Theory

A theory suggesting that knowledge comes primarily from sensory experience and that human understanding and ideas grow from such experience.

Linguistic Chauvinism

The belief in the superiority of one's own language over others, often leading to discrimination or prejudice against speakers of other languages.

Practical Intelligence

Often referred to as street smarts, it is the ability to solve everyday problems by utilizing knowledge gained from experience.