Examlex
What are special allocations of partnership items and when are they permitted?
Assets
Resources owned or controlled by a person or business, which are expected to produce economic value or benefit in the future.
Treasury Stock
Shares that were issued and subsequently repurchased by the issuing company, reducing the amount of outstanding stock on the open market.
Repurchased
This term refers to the buying back of a company's own shares from the marketplace, which can reduce the amount of outstanding stock on the open market.
Corporation
A legal entity that is separate from its owners, providing them with limited liability protection, and has the ability to own assets, incur liabilities, and sell stock.
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