quiz 9a - 1. (T/F) When a partner contributes cash to a...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. (T/F)  When a partner contributes cash to a partnership the effect of this  contribution on capital and basis are identical. Response: TRUE Answer: TRUE  Points: 1 / 1 2. (T/F)  When a partner’s share of partnership liabilities increases, the increase  gives the same tax effect to the partner's basis as a contribution of cash. Response: TRUE Answer: TRUE  Points: 1 / 1 3. (T/F)  When a partner’s share of partnership liabilities increases, the increase  gives the same effect to the partner’s capital account as a contribution of cash. Response: FALSE Answer: FALSE  Points: 1 / 1 4. (T/F)  A limited partnership’s recourse liabilities may be allocated among general  and limited partners. Response: TRUE Answer: FALSE  Points: 0 / 1 5. (T/F)  Partnership recourse liabilities are allocated among the partners in  accordance with each partner’s risk of economic loss. Response: TRUE
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

quiz 9a - 1. (T/F) When a partner contributes cash to a...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online