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Tau, a member of a firm of accountants for 30 years, retired. His niece, Tina, with the consent of his two co-partners, purchased his share
Tau, a member of a firm of accountants for 30 years, retired. His niece, Tina, with the consent of his two co-partners, purchased his share in the business. A short time later it was discovered that the firm had, some four years ago, overlooked paying a large amount of debt to agents overseas, who were now pressing for payment.
Using the ILAC format, advice Tau and Tina and the other two co-partners as to their respective liabilities for paying this debt.
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