Match the following statements with the best match from the choices below. Note: Choice K may be used more than once.
a.Terminates the partner's interest in the partnership.
b.Ordinary income-producing items.
c.An unrealized receivable.
d.Cash, then inventory and unrealized receivables, then other assets.
e.Cash basis accounts receivable, for example.
f.Fair market value exceeds 120% of basis.
g.Changes the partner's or the partnership's ordinary income potential.
h.Any partnership assets other than cash, capital, or § 1231 assets.
i.Does not eliminate the partner's interest in the partnership.
j.A distribution of all partnership hot assets.
k.No correct match provided.
-Recaptured receivables

Question

Quizplus · Accepted Answer

The Answer of Match the following statements with the best match from the choices below. Note: Choice K may be used more than once.
a.Terminates the partner's interest in the partnership.
b.Ordinary income-producing items.
c.An unrealized receivable.
d.Cash, then inventory and unrealized receivables, then other assets.
e.Cash basis accounts receivable, for example.
f.Fair market value exceeds 120% of basis.
g.Changes the partner's or the partnership's ordinary income potential.
h.Any partnership assets other than cash, capital, or § 1231 assets.
i.Does not eliminate the partner's interest in the partnership.
j.A distribution of all partnership hot assets.
k.No correct match provided.
-Recaptured receivables

Match the Following Statements with the Best Match from the Choices