Author Question: If a limited partnership certificate is never filed, all partners are treated as general partners. ... (Read 136 times)

PhilipSeeMore · **on:** Jun 24, 2018

If a limited partnership certificate is never filed, all partners are treated as general partners.
Indicate whether the statement is true or false

Question 2

With reference to 33, at what rate will the gain be taxed if Henry had operated a sole proprietorship?
A)Henry will have to pay personal income tax rates on the gain on his personal tax return
B)Henry can deduct the basis in the property by paying income tax on the remainder
C)Henry will need to pay capital gains tax rates on his gains on the sale
D)Henry has no gain on the sale