Match the Following Independent Distribution Payments in Liquidation of a Partner's

question 74

Short Answer

Match the following independent distribution payments in liquidation of a partner's interest in an ongoing partnership with the statements below.
a.A payment for the partner's share of partnership income under § 736(a).
b.A payment for the partner's share of partnership property under § 736(b).
c.The payment includes both a § 736(a) and a § 736(b) element.
-Payment of $25,000 cash for a partner's share of substantially appreciated inventory.

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Definitions:

Negotiable Instrument

A transferable document signed by the maker or drawer, promising to pay the holder a sum of money at a future date or on demand.

Contractual Rights

These are rights specifically granted to parties within a contract, allowing them to demand the performance of certain duties by others within the agreement.

Assignment

The transfer of rights under a contract to another party.

Negotiation

Direct communication between the parties to a dispute in an effort to resolve the problems without third-party intervention; transferring negotiable instruments to third parties.