partnership was
admissible in evidence, even though the partnership owned
immovable property. [410 D. E]
The interest of a partner in partnership assets comprising ... dissolution of
the partnership or with his retirement from partnership of
the value of his share in the': net, partnership assets
partnership or with his retirement from the
partnership, to get the value of a share in the net
partnership assets as on the date ... dissolution of the
partnership or with his retirement from
partnership of the value of his share in the net
partnership assets as on the date
dissolution of the partnership or with his retirement from partnership of the value of his share in the net partnership assets as on the date ... partnership. When, therefore, a partner retires from a partnership and the amount of his share in the net partnership assets after deduction of liabilities
distinct
from the members composing it. In taking partnership
accounts and in administering partnership assets,
Courts have to some extent adopted the mercantile view ... Lindley on Partnership at page 359 the following
statement of law occurs:
"The expression partnership property, partnership
stock, partnership assets, joint stock, and joint
therefore, a partner retires from a partnership and the
amount of his share in the net partnership assets after deduction of
liabilities and prior charges ... when a partner retires
from a partnership and the amount of his share in the net partnership assets
after deduction of liabilities and prior charges
partnership
assets. But that was not because they were partners
entitled to share in the assets of the partnership but
because the Court though that ... partnership and the character in which or the
basis on which he was declared entitled to a share in the
partnership assets. That understanding must
already received certain properties
purchased by the partnership as its share in the partnership
assets. The submission was that since the partnership
assets included immovable ... partnership assets but it is the
partners who own jointly in common the assets
of the partnership and, therefore, the
consequence of the distribution, division
retired partner's share or interest in the partnership and the partnership assets, which is a capital asset, is relinquished, assigned, released and transferred ... dissolution of the partnership or with his retirement from partnership of the value of his share in the net partnership assets as on the date
contributed the capital asset in the partnership, instead of getting a share of the surplus partnership assets, may have to make a contribution in order ... when a partner retires from a partnership and the amount of his share in the net partnership assets after deduction of liabilities and prior charges
merely represents the right to receive moneys on distribution of the net assets of the company in liquidation and that right is satisfied ... final distribution of the net assets of the company in liquidation, there is no transfer of capital asset by him which would attract the charge
