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1. Prior to liquidating their partnership, Penn and Ryan had capital accounts of $160,000 and $100,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $250,000. The partnership had $15,000 of liabilities. Penn and Ryan share income and losses equally. Determine the amount received by Penn as a final distribution from liquidation of the partnership.
What may be included under the heading of "cash"?
A targeted and focused concealed asset investigation (part of asset tracing) includes identifying, locating, and defining the manner by which concealed assets are believed to be held by the targets or his fronts. Concealed assets not only mean rea..
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Business Organization and Stock Ratios
acme corporation reported the following items in its december31 2007 financial statementscapital lease obligations 10
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