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Henry, Hunter, and Harry formed a partnership ( Widget Unlimited ) on January 1 , 2 0 2 0 . Henry and Hunter each contributed
Henry, Hunter, and Harry formed a partnership Widget Unlimited on January Henry and Hunter each contributed $ and Harry transferred a building he had purchased two years earlier to the partnership. The building had a tax basis of $ and was appraised at $ The building was also encumbered with a $ mortgage. The partners plan to use the building to manufacture, distribute, and sell green and purple widgets.Harry will work fulltime operating the business for which he will receive guaranteed payments not included in expenses of $ per month. Henry and Hunter will devote less than twelve days a year to the business. At the end of Widgets Unlimited had made $ in mortgage principal payments. The partnership agreement specifies that Henry, Hunter, and Harry will share in incomeloss in the ratio of ::For the first year of operation, the partnership records
disclose the following information, using this information please create a form for widgets unlimited
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