Question
Vincent and James entered into a universal partnershipof profits. At the time of the execution of the articles of partnership, Vincent had a two-door apartment
Vincent and James entered into a universal partnershipof profits. At the time of the execution of the articles of partnership, Vincent had a two-door apartment whixh he inherited from his father 3 years earlier. James, on the other hand, had a fleet of taxis whixh he purchased 2 years before. In the first year of the partnership, Vincent earned 500, 000.00as a radio talent, while James won 1, 000, 000.00 in the lotto. During the same period, rentals of 120, 000.00 were collected from the apartment, while fare revenues of 200, 000.00 were realized from the operation of the fleet taxis. Which of the following belongs to the partnership: two-door apartment, lotto winnings of 1, 000, 000.00, salary of 500, 000.00 or fleet of taxis? Why?
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