On May 1, 2022, Carlo and Jamie formed a partnership by contributing P500,000 each. addition to Carlo's cash contribution, he invested furniture and fixtures costing P150,000 but with an agreed value of P80,000. Moreover, Jamie invested land with a fair value of P1,200,000 but with professional appraiser's value of P1,110,000 subject to unpaid mortgage f P250,000. rofit or loss is to be shared equally between the partners. low much will be the total capitalization of the partnership after the investment of Carlo and Jamie?

On May 1, 2022, Carlo and Jamie formed a partnership by contributing P500,000 each. addition to Carlo's cash contribution, he invested furniture and fixtures costing P150,000 but with an agreed value of P80,000. Moreover, Jamie invested land with a fair value of P1,200,000 but with professional appraiser's value of P1,110,000 subject to unpaid mortgage f P250,000. rofit or loss is to be shared equally between the partners. low much will be the total capitalization of the partnership after the investment of Carlo and Jamie?

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 44P

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