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Brown, capital (40%). Fish, capital (30%).. Stone, capital (30%) $ 25,000 5,000

Brown, capital (40%). Fish, capital (30%).. Stone, capital (30%) $ 25,000 5,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 68IIP
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A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows.

  1. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?
  2. If the land is sold for $15,000, how much cash does each partner receive in a final settlement?
  3. If the land is sold for $5,000, how much cash does each partner receive in a final settlement?
Brown, capital (40%). Fish, capital (30%).. Stone, capital (30%) $ 25,000 5,000
Transcribed Image Text:Brown, capital (40%). Fish, capital (30%).. Stone, capital (30%) $ 25,000 5,000
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