In a functional allocation oil and gas program, which of the following statements are TRUE?
I. The general partner picks up all tangible drilling costs.
II. The general partner picks up all intangible drilling costs.
III. The limited partners pick up all tangible drilling costs.
IV. The limited partners pick up all intangible drilling costs.
A) II and III.
B) I and II.
C) III and IV.
D) I and IV.
Answer: D) I and IV.
Business
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