Question
Assume you have been doing the personal tax return for Mr. Mathy for a number of years.He is the partner in a popular fast food
Assume you have been doing the personal tax return for Mr. Mathy for a number of years.He is the partner in a popular fast food establishment.He no longer believes that his partner, Mr. Dopeland, see eye to eye.Mr. Dopeland is a nonbeliever and feels the restaurant should be open 7 days a week to maximize profits.Mr. Mathy strongly believes that being closed on this day allows employees the opportunity to rest, spend time with family and friends, and most importantly worship if they choose.Would you advise Mr. Mathy to end the partnership?Explain what options he has to exit the business?Describe the tax consequences of each option.
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