Loss Cannot Be Recognized on a Distribution from a Partnership

question 117

True/False

Loss cannot be recognized on a distribution from a partnership unless cash, unrealized receivables, and/or § 1231 assets are the only items distributed.

---

Definitions:

Price Level

The price level is the average of current prices across the entire spectrum of goods and services produced in the economy, often used as a measure of inflation.

Exchange Rate

The monetary value of one currency when exchanged for another.

Gold Standard

An arrangement whereby the currencies of most countries are convertible into gold at a fixed rate.

World War I

A global conflict that occurred from 1914 to 1918, involving many of the world's great powers divided into two opposing alliances: the Allies and the Central Powers.