On January 3, 2010, the partners' interests in the capital, profits, and losses of Able Partnership were
% of capital profits and losses
-Dean: 25%
-Poe: 30%
-Ritt: 45%
On February 4, 2010, Poe sold her entire interest to an unrelated person. Dean sold his 25% interest in Able to another unrelated person on December 20, 2010. No other transactions took place in 2010. For tax purposes, which of the following statements is correct with respect to Able?
a) Able terminated as of February 4, 2010.
b) Able terminated as of December 20, 2010.
c) Able terminated as of December 31, 2010.
d) Able did not terminate.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On January 3, 2010, the partners' interests in the capital, profits, and losses of Able Partnership were % of capital profits and losses ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Charlie is a single taxpayer with income of $107,000 which includes $22,500 of interest income. Contributions to Coverdell educational savings accounts are phased out between $95,000 and $110,000.
Answers (1)
Which of the following is a disadvantage of the sole proprietorship form of ownership A. Limited liability B. Unlimited liability C. Split responsibility D. Control over business
Answers (1)
Suppose that on March 1, 2014 Cardullo's purchased an order of German chocolate from a supplier for $250, but didn't pay cash for the order until March 31, 2014. How would you record this transaction at the time of the purchase?
Answers (1)
Assume deflation is occurring in a nation; the implication (s) A. are that both real and nominal interest rates are positive. B. are that both real and nominal interest rates are negative. C.
Answers (1)
There's a lot of room for people to grow with this organization, hiring manager Myranda told the applicant. "But we expect a lot out of employees as well, and there can be some late nights and weekend work when we're trying to make a tight deadline.
Answers (1)
New Questions in Business
Sharp Focus Cameras is facing intense competitive pressure. Top marketing managers are looking for ways to cut costs. They are considering a plan to cut distribution costs by eliminating marketing intermediaries from the channel of distribution.
Answers (1)
Older adults who participated in 20 one-hour video game training sessions with the program lumosity showed reduction in their:
Answers (1)
The total of tools, equipment, machinery, and buildings used to produce goods and services is called supply. True or False
Answers (1)
What percentage of federal revenues is made up of corporate taxes
Answers (1)
F Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees, a court will probably
Answers (1)