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Question
Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance. Additionally, she is unable to meet the deficit from her personal assets, and her partners shared the excess losses. Does this relieve Kay of liability?
Solution
VerifiedAnswered 1 year ago
Answered 1 year ago
Step 1
1 of 3This exercise requires us to determine if Kay is relieve of the liability brought by the deficiency in her capital account.
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