When Dealing with the Liquidation of a Partnership Interest,a Partner

question 68

Multiple Choice

When dealing with the liquidation of a partnership interest,a partner will:

• A)Never recognize a loss.
• B)Only recognize a loss when property,inventory,and/or receivables are distributed.
• C)Only recognize a loss when money,inventory,and/or receivables are distributed.
• D)None of these.

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Definitions:

Par Value

The face value of a bond or stock, as stated by its issuer, which is the nominal value and does not necessarily reflect its market value.