Sarah owned 200 shares of Crane Corporation with a basis of $12,000 and a FMV of $24,000. Sarah received 20 stock rights as a nontaxable distribution with a total FMV of $8,000. Sarah sold the stock rights for $4,000. Sarah's gain or loss on the sale was

Which of the following statements is incorrect? select one: a. personal creditors have first claim on partnership assets.b. partnerships are subject to dual taxation.c. no law requires partners to create a written partnership agreement, but it's smart to do so.d. partnership has limited life and unlimited liability.