Question
Zeno, Smith, and Cospit were partners in Fly by Night, a small, overnight, parcel delivery service. In forming their partnership, they provided for continuation of
Zeno, Smith, and Cospit were partners in Fly by Night, a small, overnight, parcel delivery service. In forming their partnership, they provided for continuation of the business if the partnership should end for any reason. Their written agreement specified that the business would continue uninterrupted, under the same name, with management and control by a new partnership composed of the surviving partners. The business is now showing a profit of more than $500,000 a year and has net assets valued at more than $5,000,000. If a partner dies, how should the deceased partner's share be valued? How will the partnership be able to pay it?
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