Abstract The article presents information about the use of realizable value as a measure of gross income. The point at which the income stream is most properly and conveniently measured is a question which has received considerable attention from economic, legal and accounting writers. The economic definition of income is usually in terms of consumers' goods; it may be defined as their output, or the purchase of them, or the amount consumed, or the reaction of the consumer to the utilization of such goods. Probably most economists regard the latter as the proper concept of income but discard it as a workable concept because of the impossibility of its satisfactory measurement. They, therefore, find it necessary to fall back on a definition in terms of the value of the services rendered to individuals and of the value of the goods consumed by them. The measurement of the income stream at this point is then assumed to be somewhat representative of the human reaction or satisfaction that results from consumption.

Abstract This article discusses the status of partners' loan accounts in partnership dissolution by the provision of the Uniform Partnership Act. It was the intention of the lawmakers, in this provision, to give partners' loans a claim ahead of capital. The rank of liabilities in order of payment follows--those owing to creditors other than partners, those owing to partners other than for capital and profits, those owing to partners in respect of capital, and those owing to partners in respect of profits. The practical application of this provision, due to the effect of other related legal provisions, leads to a different result. A partner's loan and the capital, in case of dissolution, will be added together and handled as a single claim. Infact, not only loans and capital, but all claims of a partner against the partnership or of the partnership against this partner, at the time of dissolution, may be entered to the same account, whether the claim is for loans, capital, interest, wages or withdrawals.