In which type of business entity do all owners have limited liability and the entity can be taxed as a partnership under the check$-$the$-$box rules?

Limited liability company

General partnership

S corporation

Limited partnership

In which type of business entity are the partners personally liable for malpractice committed by other partners?

General partnership

Limited liability company

O Limited partnership

$$ C corporation

What is true regarding the taxation of a partnership?

The partnership is a non$-$taxpaying entity.

The partnership is assigned a tax method by the IRS

The partnership is subject to two layers of income tax.

The partnership allows each partner to report total partnership income as their own.

If a mortgaged property is contributed to a partnership, how will it affect the contributing partners' basis?

Each partner's basis will decrease by the total amount of the mortgage.

Each partner's basis will be decreased by their ownership proportion of the mortgage.

The contributing partner's basis will increase by the amount of the debt relief and increase by their share of the mortgage.

The contributing partner's basis will decrease by the amount of the debt relief and increase by their share of the mortgage.