Which of the Following Statements Is Always Correct Regarding Assets

question 46

Multiple Choice

Which of the following statements is always correct regarding assets acquired by a newly formed partnership? If a partner contributes:

• A)Depreciable property: the partnership treats the property as newly acquired depreciable property, and may claim a § 179 deduction.
• B)Unrealized (cash-basis) receivables: the partnership will report a capital gain when the receivable is collected.
• C)Inventory (in the partner's hands): the partnership reports ordinary income if the property is held as a capital asset and sold within five years of the contribution date.
• D)Land valued at less than its basis: the partnership reports a § 1231 loss if the property is sold at a loss.
• E)None of these statements is correct.

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Definitions:

Estrogen

A group of steroid hormones that play an essential role in the reproductive and sexual health of women, influencing the development of female secondary sexual characteristics and regulating the menstrual cycle.

Oxytocin

A hormone and neurotransmitter involved in childbirth and breastfeeding, also associated with feelings of love and bonding.

Clitoris

A small, sensitive organ located at the top of the vulva, playing a significant role in female sexual pleasure.

Sensory Nerves

Nerves that transmit sensory information from the body's periphery to the central nervous system, allowing the perception of stimuli like touch, temperature, and pain.