Which of the Following Statements About Partnerships Is True

question 25

Multiple Choice

Which of the following statements about partnerships is true?

• A)Partnerships must file their tax returns on a calendar year basis.
• B)No gain or loss is ever recognized in transactions between partners and a partnership.
• C)Gain is never recognized by a partner on a contribution of property to a partnership.
• D)A partner's original basis in a partnership interest is equal to the basis of the property transferred (plus cash contributed) to the partnership, adjusted for any gain recognized on the transfer and reduced for liabilities assumed by the other partners.
• E)The partnership's basis in property contributed by a partner is equal to the fair market value of the property on the date of the transfer.

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Definitions:

Dimensional Approach

A method in psychology that considers mental disorders along a continuum rather than as distinct categories, evaluating the degree of symptoms rather than the presence or absence of a diagnosis.

DSM

A key resource for healthcare practitioners, the Diagnostic and Statistical Manual of Mental Disorders presents detailed criteria for diagnosing various mental health conditions.

Dysfunction

Impaired or abnormal functioning of an organ or system within the body or in behavioral contexts.

DSM-5

The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, is a handbook used by healthcare professionals as the authoritative guide to diagnosing mental disorders.