31) A general partnership has a limited life and each partner has unlimited personal liability A) True B) False 32) Double Taxation means: A corporation pays taxes to the federal government and to the state government. A corporation must pay double the amount of tax that an unincorporated business pays CThe corporation pays tax on its income and the stockholders pay tax on their dividends. The corporation pays tax on its income and the officers of the corporation pay tax on their salaries 33) Assets contributed to a partnership by a partner would be recorded at: A) Fair market value. C) Cost less depreciation. B) Historical cost. D) Potential value. 34) Net income in a partnership may not be distributed to the partners: A) As interest on beginning capital. - C) In the form of dividends B) In a fixed ratio. D) As a salary allowance