Which of the following statements is false with respect to partnership agreement

Question

Which of the following statements is false with respect to partnership agreements? A. Modifications to the partnership agreement must be agreed to by all the partners or adopted in any other manner provided by the partnership agreement. B. The partnership agreement or modifications can be oral or written. C. The partnership agreement can be modified for a particular tax year after the close of the year, but not later than the date for filing the partnership return for that year, including extensions. D. A partner's share of income, gains, losses, deductions, or credits is usually determined by the partnership agreement.

Explanation / Answer

Answer : C. The partnership agreement can be modified for particular tax year after the close of the year, but not later than the date for filing the partnership return for that year, including extensions. The said statement is false as though the partnership agreement can be modified for a particular tax year after the close of the year, but not later than the date of filing the partnership return for that year but the the date of filing the partnership return for that year does not incude extensions of time.

Rest all the statements are held true (i.e A, B, and D are true) with respect to partnership agreements.

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