With a partnership in Australian Tax Law, how do you calculate a car lease in which a partner uses the car for 50% business, 50% personal? Car lease cost $15,000 p.a
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With a partnership in Australian Tax Law, how do you calculate a car lease in which a partner uses the car for 50% business, 50% personal? Car lease cost $15,000 p.a
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- please answer according to Australian Law Richard is a retired solicitor. His wife Tracy is a retired school teacher. Both wish to remain active and theyinvest in a gift shop that is to be managed by their daughter Alice, who is aged 35. They form a partnershipof three called “Alice's Gift Shop”.Richard and Tracy contributed $40,000 each to fund the purchase of the shop. The partnership agreementprovides:• Both Richard and Tracy are to receive interest at the rate of 10% p.a. on their capitalcontribution of $40,000.• Alice will receive a salary of $25,000 for the management of the shop, as well assuperannuation contributions of $6,000.• A car will be leased by the business and provided to Alice.• All profits and losses are to be shared equally between the three partners.The accounts for this income year show the following:Income ($)Sales (excluding GST) 240,000Expenses ($)Cost of goods sold 130,000Interest on capital paid to Richard and Tracy 8,000Salary to Alice 25,000Superannuation…The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners' capital banaces prior to Arun's retirement are $60,000 each. Prepare a schedule showing how Arun's withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000What is the answer? Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have capital totaling $80,000 before admitting Harry. After distribution of the bonus, what is Harry's capital balance? a. $10,000 b. $20,000 c. $30,000 d. $40,000
- Krystin is a 25% partner in Andrew's Pet Grooming. Under the terms of the partnership agreement, she is to receive 25% of the partnership income, but no less than $10,000. If the grooming shop's net income for the year is $50,000, what amount can the partnership deduct as a guaranteed payment to Krystin? (a) $0 (b) $2,500 (c) $10,000 (d) $12,500Give only typing answer with explanation and conclusion Rosa has a flow-through of net income from a general partnership of $160,000 for 2020. What is the amount of her self-employment tax, rounded to the nearest dollar? A) $21,120 B) $24,480 C) $21,360 D) $20,334Mary is a 25% partner. She is to receive 25% of the partnership income, but no less than $10,000. If the net income of the partnership is %50,000, what amount can the partnership deduct as a guaranteed payment to Mary? (a) $0, (b) $2,500, (c) $10,000, (d) $12,500
- Cele is a 30% partner in Arlette'S Bakery. Under the terms of the partnership agreement, she is to receive 30% of the partnership income, but no less than $10,000. If the bakery's net income for the year is $40,000 what amount can the partnership deduct as a guaranteed payment to Cele?On January 1 , Ryan and James decided to open a Peruvian chicken restaurant ( yum ! ) . Ryan contributed the building and land for the restaurant that had a fair market value of $ 160,000 and adjusted tax basis of $ 150,000 for a 50 percent profits interest and capital interest . Ryan had a $ 60,000 business loan . James contributed $ 50,000 of cash for a 50 percent profits interest and capital interest . The new partnership relieves Ryan by taking on the loan . Should the partnership fail to pay the loan , the creditor is only able to claim potential future profits of the company but cannot go after the personal assets of either partner . The company uses a calendar year tax period . In the above scenario , what are Ryan and James's initial outside tax bases in the partnership ? OI . O II . Ryan : $ 150,000 . James : $ 50,000 . Ryan : $ 90,000 . James : $ 50,000 . O III . None of the answers given here . O IV . Ryan : $ 130,000 . James : $ 80,000 .JKL LLC is owned by Jason, Kathy, and Louis. The percentage they own is in the following: Jason 55% Kathy 25% Louis 20% If Jason sells his 55% on June 30, will the partnership terminate? What K-1 will Jason get if the JKL earned $200,000 for the year?
- The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners capital balances prior to Aruns retirement are $60,000 each. Prepare a schedule showing how Aruns withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000. In addition, show the resulting entries to the capital accounts of each of the three.The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000
