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The loss recognized is the excess of the member's adjusted basis in the LLC over the sum of the cash distributed and the member's basis in the unrealized receivables and inventory received (Sec. Z's adjusted basis in the real property is $30,000.

During the operation the SS kill approximately 2,000 Jews in the ghetto and transfer another 2,000 Jews, the members and families of the Jewish council, and the Krakow ghetto police force to Plaszow.

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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co.

These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.

If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any. These include bondholders, the government (if it is owed taxes) and employees (if they are owed unpaid wages or other obligations).

The assistance of legal and accounting professionals can help smooth this process.

A liquidation marks the official ending of a partnership agreement.

To end the partnership, the parties involved sell the property the business owns, and each partner receives a share of the remaining money.