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Tim and Darby are equal partners in the TD Partnership, which owns no hot assets. Partnership income for the year is $ 6 0 ,
Tim and Darby are equal partners in the TD Partnership, which owns no hot assets. Partnership income for the year is $ Tim needs cash to pay tax on his share of the partnership income, but Darby wants to leave the cash in the partnership for expansion. If the partners agree, it is acceptable for TD to distribute $ to Tim but no cash or other property to Darby.
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Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
10th edition
978-1119298229, 1119298229, 978-1119305828, 1119305829, 978-1119305736
