Question 55 ptsThe XYZ Partnership is being formed by three partners. Their ownership in the partnership,and tax year ends are listed below. Determine which tax year the partnership can electwithout IRS permission.June 30Sept 30Dec 31deferraldeferraldeferral(#Totalmonths)(#months)Total(#months)TotalX 40% 6/300Y 30% 9/30363.662.4009 2.7Z 30% 12/31 61.83.0Total2.70 05.1Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

The objective of the question is to determine the tax year that the XYZ Partnership can elect…

Answered: Question 5 5 pts The XYZ Partnership is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Statement of Partnership Liquidation 14 After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $25,800, $36,600, and $16,200, respectively. Cash, noncash assets, and liabilities total $41,700, $67,500, and $30,600, respectively. Bétween July 1 and July 29, the noncash assets are sold for $53,700, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (1/6) Balances before realization Sale…
Problem 6-20 modified B is invests $75,000 in BC Partnership (not a passive activity). In Year 1, B's share of the entity's loss is $50,000. In Year 2, his share of the partnership loss next year is $35,000. Bill's deductible loss from the activity in Year 1 and Year 2? At-risk amount Suspended (at-risk rules) Initial $75,000
QUESTION 14 Trevi has a basis in her Partnership Interest of $50,000 when her Interest is terminated In a Complete Liquldation. Trevi recelves a Capital Asset having a Fair Market Value of $30,000 and an Adjusted Basis to the Partnership of $40,000. The adjustment made by the Partnership to its remaining assets if the Optional Basis Adjustment election is in effect is: O $40,000 Increase. O 550,000 Decrease. O $10,000 Decrease. O $10,000 Increase.
Question 5 Allan, Bryan and Catty are partners in a partnership engaging in a food catering business. The terms of the partnership agreement until 30 September 2021 were as follows: Allan Bryan Catty RM RM RM Capital contribution Salary per annum Interest on capital per annum Partners' private expenses 90,000 60,000 105,000 75,000 72,000 54,000 5% 5% 5% 10,000 9,000 7,000 On 30 September 2021, Bryan withdrew as a partner. Upon the withdrawal of Bryan, the interest on capital for Allan and Catty was revised to 4% per year with the other terms remaining the same. The profit or loss is shared equally among the partners throughout the whole year. The provisional adjusted income for the year ended 31 December 2021 was RM280,926. The capital allowance on the plant and machinery was RM4,000. The partnership made a cash donation of RM6,000 to an approved institution on 30 June 2021. Required: Compute the divisible income for the partnership and the total income of the partners for the year of…
est 21 Grades-ACCT-1020-L01 - Prin... P Homework and Tests - Karl Willi... Saved Partners are taxed on their withdrawals, not on their share of partnership income. True or False True False < Prev 4 of 28 www
xA A. AaBbCcDdE AaBbCcDdE AaBbCcDc AaBbCcDdEe AaBb( AaBbCcDdEe Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Pane Dictate Sensitivi March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 4:2:2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: $ 31,000 124,000 100,000 Cash Liabilities March, capital April, capital $108,000 59,000 95,000 Accounts receivable Inventory Land, building, and equipment (net) 73,000 May, capital 66,000 Total liabilities Total assets $328,000 $328,000 and capital Prepare journal entries for the following transactions a. Sold all inventory for $76,000 cash. b. Paid $13,500 in liquidation expenses. c. Paid $60,000 of the partnership's liabilities. d. Collected $76,000 of the…
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The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total Total (# months) months) (# months) Total June X 30% 0 0 30 6 1.8 Sept Y 30% 3 0.9 9 2.7 30 Dec Z 40% 6 2.4 31 Total 3.3 0 0 4.5 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

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