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QUESTION 16 What is a general partnership? Type of owner that is not liable for entity debts b. Type of entity in which owners are "members." Type of entity that must have at least one general and one limited partner. Type of entity that has owners who are jointly and severally liable for entity debts. 90 Type of owner that participates in management. QUESTION 17 Outside basis of a partnership is the partnerships adjusted basis of each partnership asset. a True b. False QUESTION 18 A guaranteed payment is an amount that may be received by partner for performance of services for the partnership. a True b. False QUESTION 19 Which item is not included in an S corporation's nonseparately computed income? a. Net sales. b. Cost of goods sold. C. Dividends received. d. Repairs expense