A written Partnership Agreement states: Partner A is to contribute capital of $20,000 and devotes full time work to the partnership. Partner B is to contribute capital of $30,000 and devotes half time work to the partnership. Therefore, in what ratio is net income to be divided?   Group of answer choices a) 1:2 b) 3:5 c) 2:3 d) 1:1

The RU Partnership has two partners, Renee and Uri. Each partner's basis in his or her partnership interest is $16,000 before any distribution. The partnership distributes $26,000 cash to Renee and $6,000 cash to Uri. Read the requirements. Requirement a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. (Complete all input fields. Enter a $0 for any zero balances. Enter a loss with a minus sign or parentheses.) Renee Uri (1) Gain (loss) recognized (2) Basis in the partnership interest after the distribution Requirements a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. b. Assuming a liquidating distribution, determine each partner's gain or loss recognized.

Net income for a partnership has to be allocated based on stated ratios.   Question 2 options:   True   False

A partnership agreement states that following: the partners shall participate in profits: partner 1 - 70%, partner 2 - 25% and partner 3 - 5%. if the partnership had net income for the year of $135,000, what would be partner's 2 share of the income?      a. $33,750.     b. $94,500.     c. $100,000.     d. $6,750.