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