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In this session, we discuss the liquidating distribution of a partnership, contrasting it with non-liquidating distributions. A liquidating distribution occurs when a partnership is closing its business, which requires settling accounts and understanding the implications of basis. In liquidating distributions, the goal is to reduce the partners' bases to zero, as the partnership ends. This process can happen in one step or over a series of events, ultimately leading to partners exiting the partnership. The key takeaway is that the partnership is dissolving, resulting in the partners' complete removal from the business.
