In Which Type of Distribution May a Partner Recognize a Loss

question 87

Multiple Choice

In which type of distribution may a partner recognize a loss on the distribution?

• A)Operating distributions.
• B)Liquidating distributions.
• C)Neither operating nor liquidating distributions.
• D)Both operating and liquidating distributions.

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Definitions:

Supreme Court Decision

A ruling made by the Supreme Court, which is the highest court in a country, especially referring to judgments that have nationwide implications.

Federal Law

Laws passed by the national government of the United States that are applicable throughout the country.

Defense of Marriage Act

A now-invalidated US law that defined marriage as the union between one man and one woman for federal and inter-state recognition purposes.

U.S. Supreme Court

The highest federal court in the United States, consisting of nine Justices and having ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.