Which of the Following Is True About a Partnership

question 54

Multiple Choice

Which of the following is true about a partnership?

• A) It is not a tax-paying entity for federal income tax purposes.
• B) Business losses are deductible based on the limit on a partner's individual tax return.
• C) It does not have a life apart from its owners.
• D) Partners in partnership do not assume personal liability for obligations of the business.

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Definitions:

Secondary Spermatocyte

A cell that arises from the division of a primary spermatocyte during spermatogenesis and goes on to divide into spermatids.

Meiosis II

The second division in meiosis, a process of cell division that reduces the chromosome number by half, resulting in the production of four genetically distinct gametes.

Meiosis I

The first division in the two-stage process of meiosis that reduces the chromosome number by half, resulting in four haploid cells.

Haploid Gamete

A sex cell (sperm or egg) that contains a single set of chromosomes, ensuring that upon fertilization, the resulting offspring will have the correct number of chromosomes.