A partnership has gone through liquidation and now reports the following account balances:Cash$16,0003,000Loan from MalinaAshean, capitalMolina, capitalPinckney, capitalDiaz, capital(2,000) (deficit)(5,000) (deficit!13,0007,000Profits and losses are allocated on the following basis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diaz, 20percent.Required:Calculate the safe payments that can be made to individual partners.Adjusted balances (sale payments)MolinaFinckneyDies5 2.400 $ 16000 10,000 $ 5,400

The dissolution of a partnership occurs when partners decide to end their business relationship. If…

A partnership has gone through liquidation and now reports the following account balances $ 16,000 3,000 (2.000) (deficit) (5,000) (deficit 13,000 Cash Loan from Malin capital Molina, capital Pinckney, capital Diar, capital Profits and losses are allocated on the following besis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diar, 20 percent Required: Calculete the safe payments that can be made to individual partners. Aded balances (sale payments) Male 1600 OS 10.600 Dias s 1,400 -

A partnership has gone through liquidation and now reports the following account balances $ 16,000 3,000 (2.000) (deficit) (5,000) (deficit 13,000 Cash Loan from Malin capital Molina, capital Pinckney, capital Diar, capital Profits and losses are allocated on the following besis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diar, 20 percent Required: Calculete the safe payments that can be made to individual partners. Aded balances (sale payments) Male 1600 OS 10.600 Dias s 1,400 -

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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