Liquidating Partnerek Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Short and Morrison had capital accounts of...

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Liquidating Partnerek Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Short and Morrison had capi

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Answer 1

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a
Sale of assets	$ 42,000
Carrying value of assets	$ 108,000	23000+85000
Loss on liquidation	-$ 66,000

Amount of Short's deficiency= (66000*50%)-23000 = $10000

b
Amount distributed to Bain = Amount realized from asset sales = $42,000

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Answer 2

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