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Fasta Partnership, LP, a limited partnership, was formed on January 1, Year 2. Individuals Thomas Green and Judith Smith each contributed cash for an interest
Fasta Partnership, LP, a limited partnership, was formed on January 1, Year 2. Individuals Thomas Green and Judith Smith each contributed cash for an interest in the partnership. Fasta operates a clothing manufacturing business and has a calendar year end. Green, the general partner, has a 60% ownership interest and actively participates in the management of the business on a daily basis. Green bears the economic risk of loss relating to all of Fasta's outstanding liabilities, except for Fasta's loan payable to Smith. Smith, the limited partner, has a 40% ownership interest and does not actively participate in the operations of the partnership. Smith is not obligated to restore any negative capital accounts upon liquidation of the partnership. A letter from Green and a copy of Fasta's adjusted tax trial balance for the year ended December 31 , Year 3 , can be found in the exhibits. For each item requested below, enter the applicable amount in the appropriate cell as a positive, whole value. If a response is zero, enter a zero (0). Fasta Partnership, LP, a limited partnership, was formed on January 1, Year 2. Individuals Thomas Green and Judith Smith each contributed cash for an interest in the partnership. Fasta operates a clothing manufacturing business and has a calendar year end. Green, the general partner, has a 60% ownership interest and actively participates in the management of the business on a daily basis. Green bears the economic risk of loss relating to all of Fasta's outstanding liabilities, except for Fasta's loan payable to Smith. Smith, the limited partner, has a 40% ownership interest and does not actively participate in the operations of the partnership. Smith is not obligated to restore any negative capital accounts upon liquidation of the partnership. A letter from Green and a copy of Fasta's adjusted tax trial balance for the year ended December 31 , Year 3 , can be found in the exhibits. For each item requested below, enter the applicable amount in the appropriate cell as a positive, whole value. If a response is zero, enter a zero (0)
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