Assertion: partnership | /r/HasProperty | liquidated
Facets:
Source sentences:
text: If there is no partnership agreement, each partner's distributive share is based on their ownership of the partnership, calculated from capital contributions, interests in the economic or taxable income of the partnership, and rights of partners to partnership assets if the partnership is liquidated (sold or in bankruptcy).
text: The sale actually has no effect on the completion of Form 1065 unless the partnership is being liquidated; rather, it is reported through a series of adjustments made on the individual partner's Schedule K-1s.