Indicate by a C if the characteristic applies to a regular corporation, an S if it applies to an S corporation, and a P if it applies to a partnership. A characteristic can apply to more than one entity; write a brief explanation if a characteristic may only apply under certain conditions.
-Loss recognized on entity liquidation.
A)applies to a regular corporation(C)
B)applies to an S corporation(S)
C)applies to a partnership(P)

Question

Quizplus · Accepted Answer

C only if the basis of the cash and ordinary income property is less than the partnership interest basis.

Indicate by a C If the Characteristic Applies to a Regular