Prior to liquidating their partnership, Perkins and Gentry had capital accounts of $44,000 and $86,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $116,000. The partnership had $7,000 of liabilities. Perkins and Gentry share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.

Prior to liquidating their partnership, Perkins and Gentry had capital accounts of $44,000 and $86,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $116,000. The partnership had $7,000 of liabilities. Perkins and Gentry share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.

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 29P

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