A retiring partner cannot be discharged from existing liabilities of the partnership except by payment
Indicate whether the statement is true or false
False
You might also like to view...
A taxpayer had the following income and losses in the current year:Salary$55,000Sold AT&T stock at a loss( 5,000)Lottery prize4,500 Gambling winnings8,000 Gambling losses( 5,000)What is the taxpayer's adjusted gross income?
A. $64,500 B. $62,500 C. $57,500 D. $59,500
Pizza Company has $70,000 of depreciation expense and is subject to a 30% income tax rate. On an after-tax basis, depreciation results in a:
A. $21,000 inflow. B. $21,000 outflow. C. $49,000 outflow. D. neither an inflow nor an outflow because depreciation is a noncash expense. E. $49,000 inflow.
Matthew exchanges an investment apartment building for a parcel of land. The apartment building has a fair market value of $80,000 and an adjusted basis of $95,000. The land's value is $60,000. Matthew receives $20,000 cash in the exchange. What is Matthew's recognized gain (loss) on the exchange and his basis in the land? ? Gain (Loss) Recognized Basis
A. $-0- $75,000 B. $(15,000) $65,000 C. $(35,000) $85,000 D. $20,000 $30,000 E. $15,000 $35,000
A drawback of using proxy servers for online anonymity is the need to rely on the company that operates the proxy servers and its promise to protect its customers' identities
Indicate whether the statement is true or false