Capital 1/1/2020 Profit/loss% Withdrawals in 2020 Alice 39285 30% 15,000 Bob 26528 25% 45,000 Carol 41594 45% 30,000 For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning capital balance for the year. Total income of the partnership in 2020 was $120266. How much income should be attributed to Alice in 2020? What is Bob's capital balance at 12/31/2020?

Capital 1/1/2020 Profit/loss% Withdrawals in 2020 Alice 39285 30% 15,000 Bob 26528 25% 45,000 Carol 41594 45% 30,000 For 2020, Bob earned a salary of $42117. Each partner receives interest of 8% of the beginning capital balance for the year. Total income of the partnership in 2020 was $120266. How much income should be attributed to Alice in 2020? What is Bob's capital balance at 12/31/2020?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter11: Investor Losses

Section: Chapter Questions

Problem 34P

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