Author Question: Dissolution of a partnership: A)always means that the business has ended. B)increases the authority ... (Read 78 times)

stephzh · **on:** Jun 24, 2018

Dissolution of a partnership:
A)always means that the business has ended.
B)increases the authority of the partners.
C)is followed by a winding-up period.
D)means the partners' vested rights are extinguished.

Question 2

TG&I Industries, Inc, has had a portion of its factory site designated as a CERCLA clean-up area. The cost of the clean-up will be 675,000. The assessor has valued TG&I's plant at 7,000,000. TG&I wants that value reduced by the 675,000.
A)It is against public policy to give TG&I a credit for environmental clean-up costs.
B)TG&I is entitled to the credit of 675,000 only if it did not contaminate the site.
C)TG&I is entitled to a 675,000 credit.
D)TG&I is entitled to one-half of 675,000 as a credit.