When Determining a Partner's Gain on Sale of His Partnership

question 25

True/False

When determining a partner's gain on sale of his partnership interest, the selling partner must include her share of partnership debt in the amount realized.

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Definitions:

Double Jeopardy

A constitutional protection against being tried for the same crime twice.

Defamation

The act of damaging someone's reputation through false or malicious statements, either spoken (slander) or written (libel).

Constitutional Privilege

A right or immunity granted under a constitution that protects individuals or entities from certain actions by the state or other individuals.

Absolute Privilege

A legal immunity that protects certain individuals, such as lawmakers or judges, from lawsuit for statements made or actions taken in the course of their official duties.