Which Statement Below Is Correct

question 8

Multiple Choice

Which statement below is correct?

• A)If a partner of a liquidating limited liability partnership is unable to pay a capital account deficit,the deficit is absorbed by the other partners in the income-sharing ratio of those partners.
• B)Gains and losses from the sale of noncash assets are divided in the ratio of the partners' capital account balances if there is no income-sharing plan in the partnership contract.
• C)A loan receivable from a partner is added to the partner's capital account balance in the preparation of a cash distribution plan.
• D)Partners may receive cash before creditors receive cash when liquidating a limited liability partnership.
• E)All cash payments to partners are made using their income-sharing ratio when liquidating the partnership.

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