Lucien dies in the current year owning a limited partnership interest in a partnership that owns and
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The partnership's bookkeeper has a "gut feeling" that the partnership interest is worth anywhere between $65,000 and $80,000. This is good news to Ron. Based on her "guesstimate," Ron sets the value of the interest at $65,000.
What is Ron trying to accomplish in setting this valuation? What ethical issues arise?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
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