A Partnership Owned at Least 80% by a Corporation Is

question 12

True/False

A partnership owned at least 80% by a corporation is included in a consolidated group's U.S. income tax return.

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Definitions:

General Partners

Individuals who jointly own and manage a partnership, assuming full liability for the partnership's debts and obligations.

Tenancy in Partnership

A form of co-ownership where partners in a business have rights to use property owned by the partnership.

Attachment

The act of taking a person’s property and bringing it into the custody of law.

UPA

Uniform Partnership Act, which is legislation adopted by several states to provide a standard for the governance of business partnerships, including the rights and duties of partners.