Answered: olivia Greer is a partner in Made for… | bartleby

SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BCRQ

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olivia Greer is a partner in Made for You. An analysis of Greer's capital account indicates during the most
recent year, she withdrew $21,000 from the partnership. Her share of partnership's net loss was $16,500
and she made an additional equity contribution of000. Her capital account ended the year at $151,000.
What was her capital balance at beginning of the year?

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Regina Harrison is a partner in Pressed for Time. An analysis of Regina Harrison's capital account indicates that during the most recent year, she withdrew $20,000 from the partnership. Her share of the partnership's net loss was $16,000 and she made an additional equity contribution of $10,000. Her capital account ended the year at $150,000. What was her capital balance at the beginning of the year? a. $124,000 O b. $176,000 ○ c. $192,000 Od. $144,000
Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and loaned the partnership $7,500. Daniels and McKenna each contributed $5,000 by way of capital. After a year, the partnership is dissolved, at which time it owes $12,500 to its only creditor, Dickel, and has assets of $30,000. a. How should these assets be distributed? b. If Bushmill Ventures had been formed as a limited liability company with Gordon, Daniels, and McKenna as members, how should these assets be distributed?
Anthony and Erin start a partnership with capital contributions of $64,300 and $94,800, respectively. Over the course of the year, Anthony withdraws $2,300 from the business in order to meet his personal expenses. Which of the following is the correct journal entry to close Anthony's withdrawals account at the end of the year? O Anthony, Withdrawals 2,300 Anthony, Capital O Anthony, Withdrawals Cash 0 0 0 O Anthony, Capital Anthony, Withdrawals O Cash Anthony, Withdrawals 2,300 2,300 2,300 2,300 2,300 2,300 2,300
. At the end of last year, Catherine, a 30% partner in the KLM partnership, had an outside basis of $50,000 in her partnership interest. She sold her partnership interest for $90,000. The partnership had $100,000 of unrealized receivables, and no debt. Calculate the amount and character of Catherine’s recognized gain or loss.
Nicole, Olivia and Penielle formed a partnership and agreed to a profit/loss ratio of 1:1:1. At the end of the year, the capital balance of Nicole is P 80,000 and P 70,000 for Olivia. Penielle has no capital balance because she is an industrial partner. After a year of operations, the partnership incurred a loss of P 45,000. How much is the share of Olivia in the loss? A. P 21,000 B, P 15,000 C. P 24,000 D. P 0
Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey has decided to leave the partnership. After all accounts have been updated, the capital balances of the partners are currently $90,000, $120,000, and $70,000, respectively. Refer to Table 12-8. Assume Joey takes $50,000 in cash and a promissory note for $20,000. The entry to record his with drawal includes a O A. O B. credit to Joey, Capital for $50,000 debit to Joey, Capital for $70,000 C. debit to Joey, Capital for $50,000 O D. credit to Joey, Capital for $70,000
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Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows: Activity Income (Loss) A $ 30,000 B (30,000) C (15,000) D (5,000) In the current year, she sold her interest in Activity D for a $10,000 gain. Activity D, which had been profitable until last year, had a current loss of $1,500. How will the sale of Activity D affect Sarah's taxable income in the current year?
Jonathan, a physician, earns $200,000 from his practice. He also receives $18,000 in dividends and interest on various portfolio investments. During the year, he pays $45,000 to acquire a 20% interest in a partnership that produces a $300,000 loss. Compute Jonathan’s AGL assuming that: a. He does not participate in the operations of the partnership. b. He is a material participat in the operations of the partnership.
Ay 1. Miguel is the managing general partner of MAR and owns a 40% interest in the partnership. For the year, MAR reported income of $100,000 (after deducting all guaranteed payments). Miguel received a guaranteed payment of $60,000 for capital that Miguel had loaned the partnership and received a guaranteed payment of $50,000 for services performed for MAR. How much income from self-employment did Miguel earn from MAR?
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Katherine invested $80,000 this year to purchase a 30% interest in the KLM Partnership. The partnership reported $200,000 of net income from operations, a $2,000 short-term capital loss, and a $10,000 charitable In addition, the partnership distributed $20,000 to Katherine and $10,000 each to partners Lauren and Missy. Assuming the partnership has no beginning or ending liabilities, what is Katherine's basis in her partnership interest at the end of the year?

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