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7. Question 2 (10 marks) Apple, Betty, and Pat have been partners for sixteen years. The partnership is being liquidated. In a liquidation, Apples share
7. Question 2 (10 marks) Apple, Betty, and Pat have been partners for sixteen years. The partnership is being liquidated. In a liquidation, Apples share of partnership losses exceeds her capital account balance by $1,200,000. Moreover, she is unable to meet the deficit from her personal assets, and her partners shared the excess losses.
Can Apple be relieved of her liability to the partnership? Please explain.
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