The following information applies to the questions displayed below) Pam, Sergel, and Mercedes are all one-third partners in the capital and profits of Oak Grove General Partnership Partnership liabilities are allocated among the partners in accordance with their capital and profits interests in additio their normal share of the partnership's annual income, Pam and Serge receive annual guaranteed payments of $20,0 each to compensate them for additional services they provide Oak Grove's income statement for the current year ref the following revenues and expenses Sales revenue $ 476,700 Dividend income 6,600 $1231 losses (3,800) Cost of goods sold (245,000) Employee wages (92,000) Depreciation expense (31,000) Guaranteed payments (40,000) Miscellaneous expenses 11,500) Overall net income $ 60,000 In addition, Oak Grove owed creditors $90,000 at the beginning of the year and $150,000 at the end and Pam, Serge and Mercedes had a tax basis of $50,000 in their interests at the beginning of the year Also on December 31 of the current yeat, Sergel and Mercedes agreed to increase Pam's capital and profits interests from 33 33 percent to 40 perc in exchange for additional services she provided to the partnership The current liquidation value of the additional capit interest Pam received is $40.000 (Round your intermediate calculations and final answers to the nearest whole doll amount.) a. What tax bass do the partners have in their partnershiplinterests at the end of the year The following information applies to the questions displayed below) Pam, Sergel, and Mercedes are all one-third partners in the capital and profits of Oak Grove General Partnership Partnership liabilities are allocated among the partners in accordance with their capital and profits interests in additio their normal share of the partnership's annual income, Pam and Serge receive annual guaranteed payments of $20,0 each to compensate them for additional services they provide Oak Grove's income statement for the current year ref the following revenues and expenses Sales revenue $ 476,700 Dividend income 6,600 $1231 losses (3,800) Cost of goods sold (245,000) Employee wages (92,000) Depreciation expense (31,000) Guaranteed payments (40,000) Miscellaneous expenses 11,500) Overall net income $ 60,000 In addition, Oak Grove owed creditors $90,000 at the beginning of the year and $150,000 at the end and Pam, Serge and Mercedes had a tax basis of $50,000 in their interests at the beginning of the year Also on December 31 of the current yeat, Sergel and Mercedes agreed to increase Pam's capital and profits interests from 33 33 percent to 40 perc in exchange for additional services she provided to the partnership The current liquidation value of the additional capit interest Pam received is $40.000 (Round your intermediate calculations and final answers to the nearest whole doll amount.) a. What tax bass do the partners have in their partnershiplinterests at the end of the year
