ACC 4302 Exam # 3 (Summer 2019).docx - ACC 4302 Summer lll 2019 Chapters 10 11 Exam 3 Name Date True\/False\/Multiple Choice(10 Points 1 The primary

ACC 4302 Exam # 3 (Summer 2019).docx - ACC 4302 Summer lll...

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ACC 4302 Summer lll 2019 Chapters 10 & 11 Exam # 3 Name ___________________________________________ Date ___________________ True/False/Multiple Choice (10 Points) 1. The primary purpose of the partnership agreement is to document the various taxelections made by the partners regarding depreciation methods, treatment of researchand experimental costs, calculation of the § 199 deduction, and the § 754 election. 2. In a liquidating distribution, a partnership must distribute all of its property to all of its partners. ____False____ 3. On January 1 of the current year, Anna and Jason form an equal partnership. Anna contributes $50,000 cash and a parcel of land (adjusted basis of $200,000; fair market value of $150,000) in exchange for her interest in the partnership. Jason contributes property (adjusted basis of $180,000; fair market value of $200,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation?
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