Match Each of the Following Statements with the Numbered Terms

question 108

Multiple Choice

Match each of the following statements with the numbered terms below that provide the best definition.
-General partner

• A)Organizational choice of many large accounting firms.
• B)Partner's percentage allocation of current operating income.
• C)Might affect any two partners' tax liabilities in different ways.
• D)Partnership in which partners are liable only for any partner's malpractice.
• E)Amount that might be reported on either form 1065, page 1 or, on Schedule K.
• F)Transfer of asset to partnership followed by immediate distribution of cash to partner.
• G)Must have at least one general and one limited partner.
• H)Long-term capital gain might be recharacterized as ordinary income.
• I)All partners are jointly and severally liable for entity debts.
• J)Theory treating the partner and partnership as separate economic units.
• K)Partner's basis in partnership interest after tax-free contribution of asset to partnership.
• L)Partnership's basis in asset after tax-free contribution of asset to partnership.
• M)One way to calculate a partner's economic interest in the partnership.
• N)Owners are members.
• O)Theory treating the partnership as a collection of taxpayers joined in an agency relationship.
• P)Participates in management.
• Q)Not liable for entity debts.
• R)No correct match provided.

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Definitions:

Nonoccurrence

Refers to an event that was expected or scheduled to take place but did not actually occur.

Basic Assumption

An underlying, fundamental premise or belief that is accepted as true without proof.

Tender Can Be Made

Indicates that an offer or presentation of payment or performance in accordance with the terms of a contract is possible or has occurred.

Day Or Night

A term used to indicate that an action or operation can occur at any time within a 24-hour period.