On January 3, 2010, the partners' interests in the capital, profits, and losses of Able Partnership were
% of capital profits and losses
-Dean: 25%
-Poe: 30%
-Ritt: 45%
On February 4, 2010, Poe sold her entire interest to an unrelated person. Dean sold his 25% interest in Able to another unrelated person on December 20, 2010. No other transactions took place in 2010. For tax purposes, which of the following statements is correct with respect to Able?
a) Able terminated as of February 4, 2010.
b) Able terminated as of December 20, 2010.
c) Able terminated as of December 31, 2010.
d) Able did not terminate.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On January 3, 2010, the partners' interests in the capital, profits, and losses of Able Partnership were % of capital profits and losses ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
How does Gross Domestic Product (GPD) differ from gross national product
Answers (1)
A cartel is difficult to maintain for which of the following reasons? A. Consumers substitute away from the good when the price increases. B. Individual cartel members are tempted to cheat on the agreement. C.
Answers (1)
McDonald's conducts a value chain analysis of Burger King and discovers that Burger King's logistics and procurement of inputs are less costly than its own, which allows Burger King to achieve a higher profit margin.
Answers (1)
In 2017, Wagner Industries purchased a piece of equipment with an estimated useful life of 10 years. Each year, Wagner expenses 1/10 of the equipment's cost. This is an example of A : depreciation. B : goodwill. C : unethical accounting practices.
Answers (1)
Que Corporation uses a process cost accounting system. The company manufactured certain goods at a cost of $800 and sold them on credit to Are Corporation for $1,075. The complete journal entry to be made by Que at the time of this sale is: A.
Answers (1)
New Questions in Business
A department store has budgeted sales of 12,000 men's suits in September. Management wants to have 6,000 suits in inventory at the end of the month to prepare for the winter season. Beginning inventory for September is expected to be 4,000 suits.
Answers (1)
The sea wharf restaurant would like to determine the best way to allocate a monthly advertising budget of $1000 between newspaper advertising and radio advertising.
Answers (1)
The city of ann arbor michigan buys a police car manufactured in germany. in the gdp accounts this transaction is included in
Answers (1)
In the previous example, the United States and Brazil were efficient when they specialized. Brazil choose to specialize in the production of bananas because it in producing it. The United States and Brazil when they specialize.
Answers (1)
Metlock Corp. is considering the purchase of a piece of equipment that costs $10000. Projected net annual cash flows over the project's life are: Year Net Annual Cash Flow 1 $4000 2 6000 3 7000 4 9000 The cash payback period is 2.00 years. 2.
Answers (1)