quiz 10b

quiz 10b - 1(T/F A guaranteed payment results in ordinary...

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1. (T/F) A guaranteed payment results in ordinary income to the recipient partner. Response: TRUE Answer: TRUE Points: 1 / 1 2. (T/F) When a partner receives a guaranteed payment for services, and the services are not required to be capitalized, the deduction for the guaranteed payment is allocated to all partners except for the recipient partner. Response: FALSE Answer: FALSE Points: 1 / 1 3. (T/F) When a partner sells his or her interest in a partnership that has unrealized receivables, the gain or loss on the sale may be part ordinary income and part capital gain. Response: TRUE Answer: TRUE Points: 1 / 1 4. (T/F) When a partner sells his or her interest in a partnership that has unrealized receivables, the gain or loss on the sale may be part ordinary income and part capital loss. Response: TRUE Answer: TRUE Points: 1 / 1 5. (T/F) Section 751 assets ("hot" assets) include (but are not limited to) amounts due from the performance of services that have not previously been reported as income and recapture of depreciation. Response: TRUE
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This note was uploaded on 06/23/2009 for the course BUPA 539 taught by Professor Jamison during the Spring '09 term at IUPUI.

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quiz 10b - 1(T/F A guaranteed payment results in ordinary...

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