Identify Which of the Following Statements Is True

question 21

Multiple Choice

Identify which of the following statements is true.

• A)The Hunter Partnership has a net long-term capital gain of $4,000 and a net short-term capital loss of $1,000 for the current tax year. The gain and loss will be netted and the partners will include their proportionate share of the $3,000 net long-term capital gain on their return.
• B)The Right Partnership sells a delivery truck and recognizes a gain of $2,000, which represents depreciation recaptured under Sec. 1245. The $2,000 gain will retain its identity as a separately stated item.
• C)For tax purposes, the partnership takes a carryover basis in the contributed property that references the contributing partner's basis.
• D)All of the above are false.

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Definitions:

Kohlberg

Lawrence Kohlberg was a psychologist best known for his theory of moral development, which proposes that moral reasoning has six developmental stages.

Baumrind

A psychologist known for her research on parenting styles, identifying three main types: authoritative, authoritarian, and permissive.

Parenting Style

Different approaches to raising children, typically categorized into styles such as authoritative, authoritarian, permissive, and neglectful, based on levels of responsiveness and demand.

Delinquent Behavior

Actions that violate the norms or laws of a society or community, often committed by juveniles.