Homework Answers
B$5,000.
| partnership income | 20,000 |
| share @25% (20,000*25%) | 5,000 |
| guranteed payment agreed | 10,000 |
| guraranteed payment to be received now (10,000 agreed - 5,000 income share) | 5,000 |
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Question 21 of 75 Manny is to receive 25% of the profits from partnership Boost Sounds,...
Question 21 of 75. 0 Manny is to receive 25% of the profits from partnership Boost...
Question 21 of 75. 0 Manny is to receive 25% of the profits from partnership Boost Sounds, before taking into account any guaranteed payments, but not less than $10,000. If the partnership's income is $20,000 before taking into account guaranteed payments, how much does Manny receive as a guaranteed payment? O $0 O $5,000 $10,000 O $15,000 Info follour un Mark for follow up Question 29 of 75. 81 Frank Palmer died testate. In his will, he named his son,...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Question 25 of 75 Lara is a 50% partner in Dana's Deli. She is to receive...
Question 25 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payment of S20.000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $20,000 O $25,000 o $35,000 Mark for follow up
Question 23 of 75 Lara is a 50% partner in Dana's Deli. She is to receive...
Question 23 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payrment of $20,000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $15,000 O $20,000 O $25,000 o $35,000 □Mark for follow up
Exercise 21-20 (LO. 7) This year, the Tastee Partnership reported income before guaranteed payments of$92,000. Stella...
Exercise 21-20 (LO. 7) This year, the Tastee Partnership reported income before guaranteed payments of$92,000. Stella owns a 90% profits interest and works 1,600 hours per year in the business. Euclid owns a 10% profits interest (with a basis of $30,000 at the beginning of the tax year) and performs no services for the partnership during the year. For services performed during the year, Stella receives a "salary" of $6,000 per month. Euclid withdrew $10,000 from the partnership during the...
Exercise 21-20 (Algorithmic) (LO. 7) This year, the Tastee Partnership reported income before guaranteed payments of...
Exercise 21-20 (Algorithmic) (LO. 7) This year, the Tastee Partnership reported income before guaranteed payments of $273,500. Stella owns a 85% profits interest and works 1,930 hours per year in the business. Euclid owns a 15% profits interest (with a basis of $30,000 at the beginning of the tax year) and performs no services for the partnership during the year. For services performed during the year, Stella receives a "salary" of $13,675 per month. Euclid withdrew $27,350 from the partnership...
During 2019, the Tastee Partnership reported income before guaranteed payments of $92,000. Stella owns a 90%...
During 2019, the Tastee Partnership reported income before guaranteed payments of $92,000. Stella owns a 90% profits interest and works 1,600 hours per year in the business. Euclid owns a 10% profits interest and performs no services for the partnership during the year. For services performed in 2019, Stella receives a "salary" of $6,000 per month. Euclid withdrew $10,000 from the partnership during the year. a. What is the amount of guaranteed payments made by the partnership during 2019? b....
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall general partnership. In addition to their normal share of the partnership's annual income, James and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewall's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall...
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15,...
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15, 2016. Detty partner. C October 15, 2016. O October 16, 2017 O January 31, 2017, O The partnership does not terminate. On October 16, 2017, Alan sells his interest to Bob. When does the partnership terminate sells her interest to Bob, who is 50% Mark for follow up Question 19 of 75. Which of the following is a self-employment item listed on Schedule K...
Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA,...
Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the five-year requirement? The Roth IRA owner only. The beneficiary, after taking distributions Both the owner and the beneficiary. Either the owner or the beneficiary, before taking distributions Mark for follow up Question 47 of 75 Chloe Davis borrowed $10,000 from her employer's plan. When she left her employer in August, 2019. the loan badan outstanding balance of $7,500. Without regard...
Question 21 of 75. 0 Manny is to receive 25% of the profits from partnership Boost Sounds, before taking into account any guaranteed payments, but not less than $10,000. If the partnership's income is $20,000 before taking into account guaranteed payments, how much does Manny receive as a guaranteed payment? O $0 O $5,000 $10,000 O $15,000 Info follour un Mark for follow up Question 29 of 75. 81 Frank Palmer died testate. In his will, he named his son,...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Question 25 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payment of S20.000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $20,000 O $25,000 o $35,000 Mark for follow up
Question 23 of 75 Lara is a 50% partner in Dana's Deli. She is to receive a guaranteed payrment of $20,000. If the partnership's ordinary income before deducting the guaranteed payment is $50,000, what is Lara's distributive share? O $15,000 O $20,000 O $25,000 o $35,000 □Mark for follow up
Exercise 21-20 (LO. 7) This year, the Tastee Partnership reported income before guaranteed payments of$92,000. Stella owns a 90% profits interest and works 1,600 hours per year in the business. Euclid owns a 10% profits interest (with a basis of $30,000 at the beginning of the tax year) and performs no services for the partnership during the year. For services performed during the year, Stella receives a "salary" of $6,000 per month. Euclid withdrew $10,000 from the partnership during the...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall general partnership. In addition to their normal share of the partnership's annual income, James and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewall's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall...
partnerships Question 18 of 75. Betty and Alan,each own 25% of partnership BAB. On October 15, 2016. Detty partner. C October 15, 2016. O October 16, 2017 O January 31, 2017, O The partnership does not terminate. On October 16, 2017, Alan sells his interest to Bob. When does the partnership terminate sells her interest to Bob, who is 50% Mark for follow up Question 19 of 75. Which of the following is a self-employment item listed on Schedule K...
Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the five-year requirement? The Roth IRA owner only. The beneficiary, after taking distributions Both the owner and the beneficiary. Either the owner or the beneficiary, before taking distributions Mark for follow up Question 47 of 75 Chloe Davis borrowed $10,000 from her employer's plan. When she left her employer in August, 2019. the loan badan outstanding balance of $7,500. Without regard...
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