Partnership liquidation I only have a question on one part of my problem, so I am adding only the relevant data for my question. Noncash assets= 100,000 Tim, Capital(20%)=(15,000) 1. Before beginning liquidation activities, Tim must eliminate his deficit balance. Assuming the noncash assets have zero value, what is the maximum amount Tim must contribute to the partnership to eliminate the deficit balance in her capital account? Would this be $15,000 instead of $35,000 as noncash assets have zero value?
Partnership liquidation I only have a question on one part of my problem, so I am adding only the relevant data for my question. Noncash assets= 100,000 Tim, Capital(20%)=(15,000) 1. Before beginning liquidation activities, Tim must eliminate his deficit balance. Assuming the noncash assets have zero value, what is the maximum amount Tim must contribute to the partnership to eliminate the deficit balance in her capital account? Would this be $15,000 instead of $35,000 as noncash assets have zero value?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 33P
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Partnership liquidation
I only have a question on one part of my problem, so I am adding only the relevant data for my question.
Noncash assets= 100,000
Tim, Capital(20%)=(15,000)
1. Before beginning liquidation activities, Tim must eliminate his deficit balance. Assuming the noncash assets have zero value, what is the maximum amount Tim must contribute to the partnership to eliminate the deficit balance in her capital account?
Would this be $15,000 instead of $35,000 as noncash assets have zero value?
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