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QUESTION
The JKL partnership liquidated its business in 2009. Due to an expected long liquidation period, a cash distribution plan was developed.
. The JKL partnership liquidated its business in 2009. Due to an expected long liquidation period, a cash distribution plan was developed. The initial sale and realization of cash from noncash assets resulted in partner K properly getting $24,000. No other partners received cash along with K. Based upon this information, which of the following statements is correct?
