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Mr. W, a partner in a business consulting firm, received $25,000 as his share of accounts receivable in the firm's dissolution. The partnership used the
Mr. W, a partner in a business consulting firm, received $25,000 as his share of accounts receivable in the firm's dissolution. The partnership used the cash method. If the accounts receivable are later collected, or if Mr. W sells them, the amount he receives will be ordinary income to him. A. True. B. False
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