Under the Revised Uniform Partnership Act, which of the following statements, if any, are correct regarding the effect of the assignment of an interest in a general partnership? The assignee is personally responsible for the assigning partner's share of past and future partnership debts. The assignee is entitled to the assigning partner's interest in partnership profits and surplus on dissolution of the partnership.

In 2017, Blum, who is single, gave an outright gift of $50,000 to a friend, Gould, who needed the money to pay medical expenses. In filing the 2017 gift tax return, Blum was entitled to a maximum exclusion of

A. $20,000 B. $14,000 C. $50,000 D. $0

Which of the following is a characteristic of a professional corporation?

A) It is organized as a public corporation but taxed as a partnership. B) Its owners cannot take the tax advantages of deductions for health. C) Its owners are considered limited partners rather than general partners. D) Its owners do not enjoy limited liability for their negligence.