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seropon [69]
2 years ago
6

9. Which, if either, of the following statements is or are false?I. Tax exempt income received by a partnership, for example, mu

nicipal bond interest, does not increase a partner’s basis in his/her partnership interest because the income is not taxable.II. A partner who receives a current property distribution (other than cash), made pro rata to all the partners, will not have to report a gain with respect to the distribution.a. I only.b. II only.c. Both I and II.d. Neither I nor II.
Business
1 answer:
Sergeu [11.5K]2 years ago
3 0

Answer:

C) Both I and II

Explanation:

A partner's tax basis increases as partnership income and gain is allocated to the partner, including the partner's share of tax-exempt income like municipal bonds. The partner must also report a gain on his/her distributive share of partnership items like property, machinery, vehicles or merchandise distribution.

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This was the best answer I could give for right now, considering that I’m currently typing with one hand. Let me know if you have any further questions.
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3 years ago
You founded your own firm three years ago. You initially contributed $200,000 of your own money and in return you received 2 mil
hammer [34]

Answer:

B: 40%

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1 year ago
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irinina [24]

Answer:

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7 0
3 years ago
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Step2247 [10]
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