quiz 9c - 1. (T/F) When a person contributes property to a...

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1. (T/F)  When a person contributes property to a partnerhsip, and the property is  subject to liabilities in excess of its basis to the contributing partner, the  contributor will always recogize gain at the time of contribution. Response: FALSE Answer: FALSE  Points: 1 / 1 2. (T/F)  Partnership recourse debts may be allocated to general partners and  limited partners. Response: FALSE Answer: FALSE  Points: 1 / 1 3. (T/F)  When a partnership has nonrecourse liabilities it is possible for a partner to  obtain basis for an amount for which he or she will never have personal liability  for repayment. Response: FALSE Answer: TRUE  Points: 0 / 1 4. A general partner in a general partnership has ¼ of partnership profits and  losses, and 1/3 of partnership capital. His share of partnership recourse liabilities  will be:    A.  1/3 under all circumstances B.  1/4 under all circumstances C.  5/12 under all circumstances D.  1/12 under all circumstances E.  None of the above choices will always be correct. Response: E
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quiz 9c - 1. (T/F) When a person contributes property to a...

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