A Nonliquidating Distribution of Cash or Property from the Partnership

question 135

True/False

A nonliquidating distribution of cash or property from the partnership to a partner is generally treated as a tax-free return of capital to the extent of a partner's basis.

---

Definitions:

Changes Rolled Out

The process of implementing new procedures, policies, or updates within an organization or system.

Ongoing Basis

A period of time during which an activity or process is continually executed without interruption.

QuickBooks Online Accountant

A version of QuickBooks Online designed specifically for accountants to manage multiple clients' accounts in one place.

Minimal Disruption

An approach aimed at ensuring changes or implementations cause the least amount of interruption to normal operations.