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.

Recognize ethical issues concerning privacy, property, and information technology.

Assess the role of tech advancements in ethical decision-making and its impact on society.

Differentiate between various types of ethical approaches including utilitarianism, deontology, and rights-based theories.

Understand the mechanisms for ensuring ethical accountability and liability in organizations.

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Definitions:

Federal Law

Legislation enacted by the national government of a country.

Judgment Debts

Money that a court has ordered one party to pay another party as a result of a legal judgment.

Property Taxes

Taxes imposed by local governments on real estate based on the property's assessed value, used to fund public services.

Assessments

Evaluations or appraisals to determine the value, performance, or condition of something, often used in educational, professional, or property contexts.