Question
A partnership has the following account balances: Cash, $82,000; Other Assets, $600,000; Liabilities, $235,000; Nixon (50 percent of profit and losses), $210,000; Cleveland (30 percent),
A partnership has the following account balances: Cash, $82,000; Other Assets, $600,000; Liabilities, $235,000; Nixon (50 percent of profit and losses), $210,000; Cleveland (30 percent), $145,000; Pierce (20 percent), $92,000. The company liquidates, and $19,500 becomes available to the partners. Who gets the $19,500? Determine how much should be distributed to each partner?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
