Considered partnership termination

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Reference no: EM131950409

1. Which of the following is considered a partnership termination?

a. over 50% of the operations are discontinued and no part of any business financial operation or venture is continued by any of its partners in a partnership

b. all of the oprations are discontinued and no part of any business financial operation or venture is continued by any of its partner in a partnership

c. over 50% of the operations are discontinued and less than 50% of the business financial operation or venture is continued by any of its partner in a partnership

d. all of its operations are discontinued and less than 50% of the business, financial operation or venture is continued by any of its partners in a partnership.

2. A corporation is required to file an annual form 1020 if all of the following are true EXCEPT:

a. the corporation was dissolved in the prior year

b. the corporation retains no assets

c. the corporation reports a loss

d. the corporation no longer carries on substantial activities

Reference no: EM131950409

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