9. All of the following are advantages of an LLC Corporations except for over Limited Partnerships (LP) and S a. Built in gain rules do not apply b. Statutes from state to state are not uniform c. No personal liability for any member d. Unlimited number and types of owners 0. In the context of a partnership or LLC, the term "inside basis" refers to which of the following a. Adjusted basis of each partnership asset b. Each partners basis in their partnership interest c. The partnership's net equity d. The partner's investment balance 1. In the context of a partnership or LLC, the term "outside basis" refers to which of the following a. Adjusted basis of each partnership asset b. Each partners basis in their partnership interest c. The partnership's net equity d. The partners investment balance 12. Under P.L. 86-272, which of the following activities is considered "protected" and will not cause a business to have nxus in a state? a. Completing repains b. Authorizing orders c. Collecting receivables d. Advertising 13. Which of the following is not considered a hot asset? a. Inventory b. Unrealized receivables c. Depreciation recapture d. Cash 14. In order for a state to compel a business to file an income tax return, the business must have the following in the state: a. Economic presence b. Physical presence c. Sales d. Advertising on television or radio