Under the entity concept, a partnership interest is an intangible asset similar to an ownership interest in a corporation. As such, a partnership interest is treated as a capital asset, the disposal of which results in capital gain or loss.

Question

Quizplus · Accepted Answer

Partnership interests are considered intangible assets and are treated as capital assets, and their disposal results in capital gain or loss.

Under the Entity Concept, a Partnership Interest Is an Intangible