A Partner That Receives Cash in an Operating Distribution Recognizes

question 75

True/False

A partner that receives cash in an operating distribution recognizes loss if the cash distributed is less than the partner's outside basis in the partnership immediately before the distribution.

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Definitions:

Southern Colonies

Refers to the group of English colonies in North America located in the south that included Maryland, Virginia, North and South Carolina, and Georgia.

Law

A system of rules that are created and enforced through social or governmental institutions to regulate behavior.

State

A defined area of territory with its own government and institutions, or a condition/status of being, depending on the context.

Rights of Individuals

Liberties and entitlements afforded to people under the law, including freedom of speech, privacy, and the right to fair treatment.