BUL 3310 EXAM 4- BAILE QUESTIONS AND ANSWERS 2024/2025
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Course
BUL 3310
Institution
BUL 3310
Partnerships typically buy life insurance policies on each partner in order to fund the required
purchase of the partner's interest in the partnership when the partner dies
T/FTrue
Subchapter S corporation will avoid double taxation if which of the following applies?
A. All the shareholder...
BUL 3310 EXAM 4- BAILE QUESTIONS
AND ANSWERS 2024/2025Y
Partnerships typically buy life insurance policies on each partner in order to fund the required
purchase of the partner's interest in the partnership when the partner dies
T/FTrue
Subchapter S corporation will avoid double taxation if which of the following applies?
A. All the shareholders agree to be taxed as in a partnership
B. The corporation files Articles of Partnership in the state where it has its principal place of
business
C. The corporation has no retained earnings
D. All of the aboveA. All of the shareholders agree to be taxed as in a partnership
Which of the following statements about the rights and duties of doctors who practice
medicine in a professional corporation is true?
A. Doctors have no personal liability for medical malpractice suits.
B. Because they are also owners of the corporation, doctors have no protection from
discrimination based on age.
C. The professional corporation can have no more than ten owner-employee doctors.
D. They are eligible to participate in tax advantaged pension plans.D. They are
eligible to participate in tax advantaged pension plans
Which of the following statements is true about a partnership name?
A. The name is an asset of the partnership that may be sold or assigned
B. The name must include the word "company" in it.
C. The partnership must comply with the state's assume name provisions.
D. Both a and cD. Both A and C
The capital contribution of each partner is a liability to the partnership and must be returned
to the partner when the partnership ends
T/FTrue
Under RUPA, a partnership may take title to real life property as a tendency in partnership
T/FTrue
AMJ Partnership has 3 partners: Amy made a 60,000 capital contribution; May made a
20,000 capital contribution; and June made a 10,000 capital contribution. The partnership
agreement is silent about how profits will be divided. If the partnership makes 90,000 in
profits, how will it be distributed?
A. 60,000 to Amy; 20,000 to May; 10,00 to June
B. 30,000 each to Amy, May and June
C. 45,000 to Amy; 30,000 to May; 15,000 to June
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