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A partnership must separately report Section 1231 gains and losses rather than including them in ordinary taxable income. True False There is no general partner
| A partnership must separately report Section 1231 gains and losses rather than including them in ordinary taxable income. |
True False
There is no general partner required in a limited liability company (LLC).
True
False
| Income from a partnership is taxed to the partner only if the partner receives the income as a distribution during the year. |
True False
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062
