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:

Delivery Persons

Individuals or workers responsible for the transportation and delivery of goods or documents to a specific location or recipient.

Negligent Infliction

A tort action for causing harm to another by failing to use reasonable care, resulting in psychological or physical injury.

Emotional Distress

A legal term for the psychological impact experienced by an individual due to another's action, which can sometimes lead to legal action for damages.

Substantial Factor Test

A legal standard used to determine causation, examining whether an action was a significant contributor to an event or injury.