Generally, No Gain Is Recognized on a Proportionate Liquidating or Current

question 117

True/False

Generally, no gain is recognized on a proportionate liquidating or current nonliquidating) distribution of noncash property, even if the fair market value of property distributed exceeds the partner's basis in the partnership interest.

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Definitions:

Impulsive Job-hopping

The habit of frequently changing jobs without considerable thought or planning, often based on immediate desires rather than long-term career goals.

Moodiness

The state of having emotions that are easily and frequently changeable, often without apparent reason.

Spotlight On Research

A phrase indicating focused attention or emphasis on academic or scientific studies and findings.

Autism

A developmental disorder characterized by difficulties in social interaction and communication, and by restricted or repetitive patterns of thought and behavior.