Javier is retiring from the jkl partnership in january of, Ask an Expert

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Javier is retiring from the JKL partnership. In January of the current year, he has a $100,000 basis in his partnership interest when he receives a $10,000 cash distribution. The partnership plans to distribute $10,000 each month this year, and Javier will cease to be a partner after December payment. Is the January payment to Javier a current distribution or a liquidating distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
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