Loss Cannot Be Recognized on a Current (Nonliquidating) Distribution from a Partnership

question 192

True/False

Loss cannot be recognized on a current (nonliquidating) distribution from a partnership unless cash, unrealized receivables, and/or § 1231 assets are the only items distributed.

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Definitions:

Emergent Norms

Refers to the theory that norms develop spontaneously within social groups to guide behavior in atypical situations.

Nonroutine Collective Action

Spontaneous or unplanned group actions that emerge in response to unexpected events, differing from established patterns of behavior in society.

Social Relationships

Connections between individuals in a society that involve various forms of interaction, communication, and dependency.

Deprivation

The damaging lack of material benefits considered to be basic necessities in a society.