Q41,42 QUESTION 39Which of the following companies is dissolved on the death of any of the partners?OaA Limited Liability CompanyOb. A Private Joint Stock Companyc. A Public Joint Stock Companyd. A General PartnershipQUESTION 40A worker whose period of service is more than six months but less than one year shall, for each year of service, be entitled to an annual leave of notless than:Ⓒa. 2 weeks a yearⒸb. 3 days a monthO G. 2 days a monthd. 3 weeks a yearQUESTION 41In LLCs, all partners must be UAE nationals. ( )O TrueFalseQUESTION 42Public Joint Stock Companies must have a minimum of five founders who will fully subscribe to the capital. ( )TrueFalse

A Limited liability company is a company with the limited liability of owners. It includes the…

Answered: QUESTION 41 In LLCs, all partners must…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 53P

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ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings and Stickel Construction Company, a partnership, is operating a general contracting business. Ownership of the company is divided among the partners, Katie Cummings, Julie Stickel, Roy Hewson, and Patricia Weber. Profits and losses are shared equally. The books are kept on the calendar-year basis. On August 10, after the business had been in operation for several years, Patricia Weber passed away. Mr. Weber wished to sell his wifes interest for 30,000. After the books were closed, the partners capital accounts had credit balances as follows: REQUIRED 1. Prepare the general journal entry required to enter the check issued to Mr. Weber in payment of his deceased wifes interest in the partnership. According to the partnership agreement, the difference between the amount paid to Mr. Weber and the book value of Patricia Webers capital account is allocated to the remaining partners based on their ending capital account balances. 2. Assume instead that Mr. Weber is paid 60,000 for the book value of Patricia Webers capital account. Prepare the necessary journal entry. 3. Assume instead that Julie Stickel (with the consent of the remaining partners) purchased Webers interest for 70,000 and gave Mr. Weber a personal check for that amount. Prepare the general journal entry for the partnership only.
LO.2 In the current year, Bill Parker (54 Oak Drive, St. Paul, MN 55164) is considering making an investment of 60,000 in Best Choice Partnership. The prospectus provided by Bills financial planner indicates that the partnership investment is not a passive activity and that Bills share of the entitys loss in the current year will likely be 40,000, whereas his share of the partnership loss next year will probably be 25,000. Write a letter to Bill in which you indicate how the losses would be treated for tax purposes in the current year and the following year.
The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)

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QUESTION 41 In LLCs, all partners must be UAE nationals. ( ) O True False QUESTION 42 Public Joint Stock Companies must have a minimum of five founders who will fully subscribe to the capital. ( ) Ⓒ True O False