Jim Braun has been a partner in a real estate investment partnership with Alicia Kaynes for 10 years. When the real estate market took a downward turn, one of their investments in a strip mall became a cash drain. Jim refused to contribute any more cash and withdrew from the partnership. Alicia was left to manage the property. Before she could sell it, Alicia had put in $125,000 into the strip mall property. Following the sale, Alicia demanded one-half of the $125,000 from Jim. Jim said he is not liable because he left the partnership. a. Jim is correct; he withdrew and his liability ended. b. Alicia is correct; Jim owes her his share of what she paid. c. Neither is correct; how much Jim owes depends on when he withdrew. d. none of the above
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Jim Braun has been a partner in a real estate investment partnership with Alicia Kaynes for 10 years. When the real estate market took a ...” 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
The government promotes entrepreneurship because new products will stimulate the economy and create new jobs. True or False?
Answers (1)
In the recent past, the government has attempted to stimulate the economy by sending tax refunds to individual people so that they will buy more products. What component of GDP is the government attempting to increase?
Answers (1)
Property rights are a. the rights government has to the exclusive use of all property, including the right to buy or sell it. b. the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it. c.
Answers (1)
The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficiency and allocative efficiency. What can the government do to promote allocative efficiency? a.
Answers (1)
Wilson Company has the following accounts and account balances at the end of its first year: Accounts payable, $4,000 Cash, $20,000 Common stock,?
Answers (1)
New Questions in Business
Match the following definitons with appropriate options given in below: Definitions: 1. A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various
Answers (1)
Prior to recording adjusting entries, the Office Supplies account had a $372 debit balance. A physical count of the supplies showed $112 of unused supplies available. The required adjusting entry is:
Answers (1)
Swift Company manufactures two different bicycle models. Swift produces a high volume of products using standardized production runs and does very little product customization. Swift uses what type of technology structure?
Answers (1)
Select the item that can be answered by using knowledge. 1. A transaction's order date, amount sold, and quantity ordered 2. Taking into account external reasons for the recent underperformance of a good salesperson 3.
Answers (1)
This type of drug speeds up, increases, or heightens bodily functions.
Answers (1)