If a partner withdraws from a partnership and elects to take some of the assets of the partnership away,the partnership will use the current book value of those assets to calculate the final settlement with the withdrawing partner.

Question

Quizplus · Accepted Answer

The partnership typically uses the fair market value of the assets, not the book value, to calculate the final settlement with the withdrawing partner.

If a Partner Withdraws from a Partnership and Elects to Take