Identify Which of the Following Statements Is True

question 18

Multiple Choice

Identify which of the following statements is true.

• A)The partnership tax year closes when a partner transfers his interest by gift.
• B)If a partner dies in a two-member partnership, the partnership terminates on the date of death, even though the successor-in-interest continues to share in the profits and losses of the partnership business.
• C)When the interest of a partner who owns 60% of a partnership is completely liquidated by a partnership distribution, the partnership is considered terminated, even though three other partners remain.
• D)All of the above are false.

---

Definitions:

Employee's Career

The progression and development of an individual's work life and occupation over time within or across companies.

Complex Ideas

Concepts or thoughts that are intricate and complicated, often requiring detailed explanation or analysis to be fully understood.

Entrepreneurial Start-ups

New businesses initiated by entrepreneurs who seek to introduce new products or services in the market.

Human Resources

The department within an organization that deals with employee-related functions, including hiring, training, benefits, and workplace culture.