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Explain the difference in tax treatment between a partial liquidation and a complete liquidation.
Sales
The revenue generated from goods or services provided by a company to its customers.
Turnover
The total revenues or sales achieved by a company in a specified period, or the rate at which inventory is sold and replaced.
Average Operating Assets
A metric calculated as the average value of the assets involved in generating operating income over a specific period.
Net Operating Income
A measure of a company's profitability from its regular business operations, excluding deductions of interest and taxes.
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