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TEST BANK FOR ACCOUNTING PARTNERSHIPS: FORMATION, OPERATION, AND CHANGES IN MEMBERSHIP
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TEST BANK FOR ACCOUNTING PARTNERSHIPS: FORMATION, OPERATION, AND CHANGES IN MEMBERSHIP TEST BANK FOR ACCOUNTING Partnerships: Formation, Operation, and Changes in Membership Multiple Choice Questions 1. A partnership is a(n): I. accounting entity. II. taxable entity. A. I only B. II only ...

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  • 9 de agosto de 2021
  • 57
  • 2021/2022
  • Examen
  • Preguntas y respuestas

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  • operation
  • test bank for accounting partnerships formation
  • and changes in membership

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TEST BANK FOR ACCOUN TING PARTNERSHIPS: FORMAT ION, OPERATION, AND CHANG ES IN MEMBERSHIP [Document subtitle] 15-1 TEST BANK FOR ACCOUNTING Partnerships: Formation, Operation, and Changes in Membership Multiple Choice Questions 1. A partnership is a(n): I. accounting entity. II. taxable entity. A. I only B. II only C. Neither I nor II D. Both I and II 2. A partner's tax bas is in a partnership is comprised of which of the following items? I. The partner's tax basis of assets contributed to the partnership. II. The amount of the partner's liabilities assumed by the other partners. III. The partner's share of other partners' li abilities assumed by the partnership. A. I plus II minus III B. I plus II plus III C. I minus II plus III D. I minus II minus III In the ABC partnership (to which Daniel seeks admittance), the capital balances of Albert, Bert, and Connell, who share in come in the ratio of 5:3:2 are: 15-2 3. Based on the preceding information, if no goodwill or bonus is recorded, how much should Daniel invest for a 20 percent interest? A. $400,000 B. $200,000 C. $300,000 D. $250,000 15-3 4. Based on the preceding inform ation, what amount of goodwill will be recorded if Daniel invests $450,000 for a one -third interest? A. $0 B. $10,000 C. $50,000 D. $100,000 Jones and Smith formed a partnership with each partner contributing the following items: Assume that for ta x purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership. 5. Refer to the above information. What is each partner's tax basis in the Jones and Smith partnership? A. Option A B. Option B C. Optio n C D. Option D

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