Michael works as an accountant at a large accounting firm. Michael is also a partner in XYZ partnership. In 2020, Michael spends 240 hours working in XYZ. His business partner, Beth, only spends 210 hours working in the partnership. The partnership has no employees other than the two partners who contribute their time. Michael has materially participated in the partnership. Group of answer choices True False

29. Help me selecting the right answer. Thank you

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.

True/False ____   18.   The stock dividends distributable account is listed in the current liability section of the balance sheet. ____   19.   The salary allowance allocation to partners used in dividing net income would also appear as salary expense on the partnership income statement. ____   20.   A devotes full time and B devotes one-half time to their partnership. If the partnership agreement is silent concerning the division of net income, A will receive a $20,000 share of a net income of $30,000. ____   21.   XX sells (for $40,000 cash) to AA one-half of a partnership capital interest that totals $70,000. AA's capital account in the partnership should be credited for $40,000. ____   22.   A corporation has 12,000 shares of $20 par value stock outstanding that has a current market value of $150. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately $50. ____   23.   The declaration of a cash dividend decreases a corporation's…

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Barry and Kurt are equal partners in the BK partnership. Barry receives a guaranteed payment of $57,000. In addition to the guaranteed payment, Barry withdraws $11,000 from the partnership. The partnership has $25,600 in ordinary income during the year. a. How much income must Barry report from the BK  partnership? b. What is the effect of the distribution on Barry's partnership basis? a. income to Barry   b. Barry's partnership basis

Needs help with LETTER E. thank you

a) how much should be the cash investment of PA RIN upon formation of the partnership? b) how much is the total assets of the partnership on Feb. 15, 2021?

Adams, a consulting engineer, entered into a partnership with three others for the practice of their profession. The only written partnership agreement is a brief document specifying that Adams is entitled to 55 percent of the profits and the others to 15 percent each. The venture is a total failure. Creditors are pressing for payment, and some have filed suit. The partners cannot agree on a course of action. Explain how many of the partners must agree to achieve each of the following objectives? a. ToaddJones,alsoanengineer,asapartner,Jonesbeing willingtocontributeasubstantialamountofnewcapital. b. To sell a vacant lot held in the partnership name, which had been acquired as a future office site for the partnership. c. To move the partnership’s offices to less expensive quarters. d. To demand a formal accounting. e. To dissolve the partnership. f. To agree to submit certain disputed claims to arbitration, which Adams believes will prove less expensive than litigation. g. To sell all…