quiz 9b - 1. (T/F) In a limited liability company it is...

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1. (T/F)  In a limited liability company it is possible for there to be a partnership for  tax purposes, which has no general partner (in terms of liability exposure). Response: TRUE Answer: TRUE  Points: 1 / 1 2. (T/F)  A partner contributes depreciable property to a partnership. At the time of  contribution, the property has a fair market value different from its adjusted basis.  The book and tax depreciation allocated to the contributing partner will be  different amounts over the life of the asset. Response: FALSE Answer: TRUE  Points: 0 / 1 3. A partner contributes property to a partnership and receives a 1/3 interest in  partnership profits, losses and capital. The property has an adjusted basis of  $66,000 and fair market value of $90,000 at the date of contribution. If the  property is sold for $120,000 the amount of gain allocated to the contributing  partner will be:    A.  $18,000 B.  $24,000 C.  $34,000 D.  $30,000 E.  None of the above. Response: B Answer: C Points: 0 / 1 4. A partner contributes depreciable property to a partnership in exchange for a  partnership interest. The partner's basis is less than the fair market value at the  date of the contribution. The partnership must allocate the tax depreciation on the  property as follows:   A.  In accordance with each partner's interest in the partnership. B.
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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 9b - 1. (T/F) In a limited liability company it is...

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