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.

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Definitions:

Comparative Advantage

The capacity of a person, business, or nation to generate a product or service with a lesser opportunity cost than that of its rivals.

Currency Rises

A scenario where the value of a particular currency increases relative to others, affecting international trade and economic dynamics.

Cultural Barrier

involves differences in cultural practices, beliefs, and values that can impede understanding, interaction, and cooperation among people from different cultural backgrounds.

Supplier Relationship

The strategic management of interactions and engagements between a business and its suppliers to optimize the value of those relationships.