Generally, a distribution of property does not result in gain to a partner on either a current or liquidating distribution. A situation where a gain may arise, however, is when a partner contributed appreciated property to the partnership and that property is distributed back to the contributing partner within seven years of the contribution
a. True
b. False
Indicate whether the statement is true or false
False
RATIONALE: A distribution of precontribution gain property does not result in gain under ยง 737 if it is merely returned to the partner who contributed the property to the partnership.
Business
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In decimal systems, successive dots or periods indicate levels of ____________
a. concordance b. subordinations c. nominalizations d. difference
Business
Southwest Outdoor Store will have cash receipts of $47,000 in November and cash disbursements of $41,000 for this month. If its beginning cash is $7,000 and its desired reserve is $4,000, what will its excess be for December?
A) There is no excess but a shortfall. B) $6,000 C) $9,000 D) $13,000
Business