A Gain Arises Only on a Distribution from a Partnership

question 124

True/False

A gain arises only on a distribution from a partnership of cash that exceeds the partner's basis in the partnership interest. For this purpose, only cash, checks, and credit card charges are treated as cash.

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Definitions:

Two-Word Stage

A phase in child language acquisition during which children begin to use two-word phrases to communicate meaning, typically starting around the age of two.

Telegraphic Speech

A stage in language development where young children begin to string words together to form simple sentences, often omitting unnecessary words.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, including word order.

Innate Ability

Natural talents or capabilities that a person is born with, as opposed to skills learned from experience.