Under the Entity Concept, a Partnership Interest Is an Intangible

question 19

True/False

Under the entity concept, a partnership interest is an intangible asset similar to an ownership interest in a corporation. As such, a partnership interest is generally treated as a capital asset, the disposal of which results in capital gain or loss.

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Definitions:

Incision

A cut made in the body during surgery or a medical procedure to access or remove tissue.

Treatment

The management and care of a patient for the purpose of combating a disease, condition, or disorder.

Urination

The process of excreting urine from the urinary bladder through the urethra to the outside of the body.

Urine

A liquid waste product filtered from the blood by the kidneys and expelled from the body.