Prior to liquidating their partnership, Craig and Jenny had capital accounts of $65,450 and $129,570, respectively. The partnership assets were sold for $232,650. The partnership had $22,410 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership.
Prior to liquidating their partnership, Craig and Jenny had capital accounts of $65,450 and $129,570, respectively. The partnership assets were sold for $232,650. The partnership had $22,410 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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Prior to liquidating their
Determine the amount received by Jenny as a final distribution from liquidation of the partnership.
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