Question
6- Which one of the following statements is true regarding a partner's personal liability for partnership debts? a.In a general partnership, all partners are liable
6- Which one of the following statements is true regarding a partner's personal liability for partnership debts?
a.In a general partnership, all partners are liable for entity debts.
b.In a limited partnership, all partners have limited liability for partnership debts.
c.In a limited liability partnership, a partner might be subject to liability for other partners' malpractice.
d.LLC members can never be liable for entity debts.
8- Orion Inc., a calendar year S corporation is 50% owned by Terry, whose beginning stock basis is $50,000. During the year, Terry's share of Orion's long-term capital gain is $25,000 and his share of the ordinary loss is $20,000. Terry receives a cash distribution of $60,000. How much of loss may Terry deduct in the current year?
Answer: ................................
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