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Define "constructive retirement of debt." How is the total constructive gain or loss computed?
Partnership
A legal arrangement where two or more persons agree to share the profits of a business which they run together.
Malpractice
Failure of a professional to perform their duties to the required standard of care, resulting in harm to their client or patient.
Corporation
A legal entity recognized by law as separate from its owners, with rights to own property, sue or be sued, and conduct business.
General Corporation
A type of business organization that is legally separate from its owners, with the ability to own property, incur liabilities, and conduct business in its own name.
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