The Amount That Each Partner Withdraws from a Partnership

question 71

Multiple Choice

The amount that each partner withdraws from a partnership

• A)cannot exceed the net income reported by the partnership.
• B)is usually determined by the amount of the net income.
• C)is the base on which federal income taxes are levied on the partnership income.
• D)should be specified in the partnership agreement.

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Definitions:

Chiral Center

A carbon atom that is attached to four different groups, making its mirror images non-superimposable.

Stereoisomer

Molecules that have the same molecular formula and sequence of bonded atoms but differ in the three-dimensional orientations of their atoms in space.

Configuration

The fixed arrangement of atoms in a molecule that cannot be changed without breaking chemical bonds, different from conformation.

Asymmetric Carbon

A carbon atom bonded to four different groups or atoms, leading to chirality and optical activity in molecules.