FINRA-General Securities Representative Qualification Examination Set 4

general creditors, secured lenders, limited partners, general partners ✘ secured lenders, limited partners, general creditors, general partners ✘ secured lenders, general creditors, limited partners, general partners ✘ general creditors, general partners, limited partners, secured lenders ✔

transfer of ownership of a limited partnership interest ✘ sale or transfer of partnership assets ✘ majority vote of the limited partners to end the partnership ✘ arrival of the termination date established in the partnership agreement ✔

the general partner's profits ✘ the general partner's personal assets ✘ the partnership's income ✘ the personal assets of the limited partners ✔

the point at which the program becomes profitable ✘ the point at which income exceeds deductions ✘ the fact that there are more general partners than limited partners ✘ the profit of limited partners exceeding profit of general partners ✔

business objective and centralized management ✘ continuity of life of the business and limited liability ✘ two or more associates and free transferability of assets ✘ continuity of life of the business and transferability of assets ✔

a tax credit available to investors in heavy equipment ✘ deductions from gross income to offset lower value of equipment ✘ return of principal from real estate investments ✘ capitalized and amortized maintenance costs ✔

rental property whose value is declining ✘ residential property not used for business ✘ property whose maintenance exceeds the investment credit ✘ equipment subject to recapture ✔

permits recovery of more than the original cost ✘ is limited to production ✘ is more widely available ✘ is not subject to recapture ✔

salaries ✘ supplies and fuel ✘ machinery and pipe ✘ repairs ✔

it turns potential capital gains into current taxable income ✘ it may subject the partnership to the add-on tax ✘ it increases the risk of a tax audit ✘ it always increases the investor's tax bracket ✔