The co-ownership of business property where only minimal

Reference no: EM13392479

Which, if either, of the following statements is or are true?

I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.

II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.

a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.

Reference no: EM13392479

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