Homework Answers
Option "a" is the correct options i.e. a payment made to Martha from the profit of the partnership because if there is any profit of the partnership it is but obvious that each partner will get a share of profit. Hence it is guaranteed. That's why remaining options are incorrect.
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Question 4 of 15. Martha is a 50% partner in a general partnership. Which of the...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
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...
ne per Distributions of money and the adjusted basis of other property distributed to the partner...
ne per Distributions of money and the adjusted basis of other property distributed to the partner Mark for follow up Question 30 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20.000. Wt the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15,000 $20,000 $25,000 $35,000 wrong iniest Mark for follow up uestion 31 of 75. son sold his interest in...
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
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
> 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...
Y is a general partner in the XYZ Partnership. For the current calendar year, Y’s share...
Y is a general partner in the XYZ Partnership. For the current calendar year, Y’s share of profits includes his guaranteed compensation of $55,000 and his share of remaining profits, which is $22,000. What is the proper income tax and payroll tax (F.I.C.A. or self-employment tax) treatment of each of the following to Y for the current calendar year?
Question 34 of 75. When a partner has an ownership interest in a partnership different from...
Question 34 of 75. When a partner has an ownership interest in a partnership different from the main partnership, ordinary income from the other partnership is reported where? O Line 4 of Form 1065 O Line 5 of Form 1065 O Line 6 of Form 1065 O Line 7 of Form 1065. Mark for follow up
On January 1, Abel was a 25% partner in Corn General Partnership, which had partnership liabilities...
On January 1, Abel was a 25% partner in Corn General Partnership, which had partnership liabilities of $300,000. On January 2, a new partner was admitted and Abel’s interest was reduced to 20%. On April 1, Corn repaid a $100,000 general partnership loan. Ignoring any income, loss, or distributions for the year, what was the net effect of the transactions described for Abel’s tax basis in Corn partnership interest? Group of answer choices Has no effect. Decrease of $35,000. Increase...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
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...
ne per Distributions of money and the adjusted basis of other property distributed to the partner Mark for follow up Question 30 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20.000. Wt the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15,000 $20,000 $25,000 $35,000 wrong iniest Mark for follow up uestion 31 of 75. son sold his interest in...
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
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
> 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 34 of 75. When a partner has an ownership interest in a partnership different from the main partnership, ordinary income from the other partnership is reported where? O Line 4 of Form 1065 O Line 5 of Form 1065 O Line 6 of Form 1065 O Line 7 of Form 1065. Mark for follow up
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