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Liquidating Partnerships - Deficiency Prior to liquidating their partnership, Jolly and Russo had capital accounts of $ 2 6 , 0 0 0 and $
Liquidating PartnershipsDeficiency
Prior to liquidating their partnership, Jolly and Russo had capital accounts of $ and $ respectively. The partnership assets were sold for $ The partnership had no liabilities. Jolly and Russo share
income and losses equally.
a Determine the amount of Jolly's deficiency.
b Determine the amount distributed to Russo, assuming that Jolly is unable to satisfy the deficiency.
$
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