Limited partners profits and losses are allocated

This preview shows page 12 - 15 out of 46 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Comprehensive
The document you are viewing contains questions related to this textbook.
Chapter 20 / Exercise 2
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
45. Limited partners' profits and losses are allocated equally. a. True b. False ANSWER: False
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Limited Partnerships KEYWORDS: Bloom's: Knowledge 46. An assignment of a limited partner's interest terminated the limited partnership.
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Limited Partnerships KEYWORDS: Bloom's: Knowledge
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Comprehensive
The document you are viewing contains questions related to this textbook.
Chapter 20 / Exercise 2
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
47. Upon termination of both limited and general partnerships, outside creditors have first priority in terms of asset distribution.
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Partnerships KEYWORDS: Bloom's: Knowledge 48. Close corporations have less formality in their operational requirements.
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Types of Corporations KEYWORDS: Bloom's: Knowledge 49. Subchapter S or S Corporation shareholders have personal liability for corporate debts. a. True b. False ANSWER: False
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Types of Corporations KEYWORDS: Bloom's: Knowledge
50. An inadequately capitalized corporation can have its corporate veil pierced.
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Capital and Sources of Corporate Funds KEYWORDS: Bloom's: Knowledge 51. It is fraud to form a corporation to avoid personal liability.
POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Formation KEYWORDS: Bloom's: Knowledge 52. Members of limited liability companies have no right to vote on who should manage their companies.
KEYWORDS: Bloom's: Knowledge POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic STATE STANDARDS: United States - OH - AICPA: BB-Legal TOPICS: Limited Liability Companies KEYWORDS: Bloom's: Knowledge

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture