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In the absence of an agreement Interest on loan advanced by the partner to the firm is allowed at the rate of: (a) 6% (T) (b) 5%(c) 12% (d) 9% (5) Current accounts of the partners should be opened when the capitals are: (a) Fluctuating(b) Fixed (T) (c) Either fixed or fluctuating ...
A partner's basis in a partnership interest includes the partner's share of a partnership liability only if and...
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