Identify Which of the Following Statements Is True

question 70

Multiple Choice

Identify which of the following statements is true.

• A)The Fisher Partnership is owned equally by four individual partners. Two of the partners have fiscal years ending March 31 and two partners have fiscal years ending June 30. The partnership has a natural business year. The partnership must adopt a calendar year for tax reporting purposes unless a Sec. 444 election is made.
• B)Partnerships make most of the tax elections for the partnership rather than the partners.
• C)A partner can elect the depreciation method to be applied to the partner's share of the partnership's depreciable assets.
• D)All of the above are false.

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Definitions:

Time-projection Exercise

A technique used in planning or therapy where individuals imagine and describe their future in detail.

Emotionally Charged Issues

Topics or subjects that provoke strong emotional reactions and often require sensitive handling.

Discouraged

A feeling of having lost confidence or enthusiasm; demotivated.

Task Group

A collection of individuals assembled to perform a specific set of tasks or achieve certain objectives.