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Determine the amount receive by todd as a final distribution

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Liquidating Partnerships

Point 1: Prior to liquidating their partnership, Todd and Brooks had capital accounts of $36,000 and $66,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $121,000. The partnership had $3,000 of liabilities. Todd and Brooks share income and losses equally.

Question 1: Determine the amount received by Todd as a final distribution from liquidation of the partnership.

Reference no: EM132472675

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