Multiple Choice
Which of the following is true about a partnership?
A) It is not a tax-paying entity for federal income tax purposes.
B) Business losses are deductible based on the limit on a partner's individual tax return.
C) It does not have a life apart from its owners.
D) Partners in partnership do not assume personal liability for obligations of the business.
Correct Answer:
Verified
Correct Answer:
Verified
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