When a partnership makes a current (nonliquidating) distribution, loss is never recognized. True False
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- While death of a partner is a cause of partnership dissolution, a partner's incapacity to perform is not a cause for dissolution because he/she is still alive. True FalseAccording to the Uniform Partnership Act, what events should occur if a partner incurs a negative capital balance during the liquidation process?What characteristics of a partnership justify the absorption by the other partners of the deficiency that cannot be made good by an insolvent partner? a. Limited life and mutual agency b. Limited life and co-ownership of property c. Mutual agency and partnership non-taxability d. Mutual agency and unlimited liability
- An estate cannot be treated as a partnership. True or false?In the liquidating process, any uncollectible deficiency becomes a loss to the partnership and is divided among the remaining partners' capital balances based on their income-sharing ratio. True FalseIn the liquidation of a partnership, why might a partner be concerned that a fellow partner has a deficit net capital balance, and how might such a deficit be eliminated?
- Dissolution is the term which solely means to liquidate the partnership. Group of answer choices True FalseTrue or false The dissolution of a partnership occurs only when the partnership is terminating operations and going out of business.If a new partner acquires partnership interest directly from the partners rather than from the partnership, a. no entry is required. b. the existing partnership is liquidated. c. the partnership assets should not be revalued because this type of transaction does not result to partnership dissolution. d. the existing partners’ capital accounts are reduced and the new partner’s capital account is increased.
- Potential partners might not want to form a partnership because of the risk of having their personal property forfeited in favor of the business’s creditors. True or FalseIn the liquidating process, any uncollectible deficiency becomes a loss to the partnership and is divided among the remaining partners' capital balances based on their income-sharing ratio. Question 27 options: True FalseIf there is partnership deed, then which one of the following will apply? a. Interest on capital is not allowed b. Partners are not entitled to bonus c. Interest will be charged on drawings d. Partners are not entitled to salary