The partnership FS is a general partnership whose partners are the person JS who is a professional engineer and the company F&S. The person T signed the partnership agreement on behalf of the company F&S. JS is a designated partner on the FS Federal tax return. F&S was formed to buy and develop twenty acres of unoccupied, wooded land in York County. The deed to the property, lists the owner as of the ‘FS partners, a general partnership. When the taxes on the real estate were not paid, the tax claim bureau published notice that property would be sold at the amount of the tax pending. The bureau mailed and posted a notice to the address of record of the partners FS and on the partnership’s land. To find : The notice of the tax sale is sufficient.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 7BCP

Summary Introduction

Case summary: The partnership FS is a general partnership whose partners are the person JS who is a professional engineer and the company F&S. The person T signed the partnership agreement on behalf of the company F&S. JS is a designated partner on the FS Federal tax return. F&S was formed to buy and develop twenty acres of unoccupied, wooded land in York County. The deed to the property, lists the owner as of the ‘FS partners, a general partnership. When the taxes on the real estate were not paid, the tax claim bureau published notice that property would be sold at the amount of the tax pending. The bureau mailed and posted a notice to the address of record of the partners FS and on the partnership’s land.

To find : The notice of the tax sale is sufficient.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The number of equivalent units

Jenny leased equipment from Julio on December 31, 2015. The lease is a 10-year lease with annual payments of $150,000 due on December 31 of each year. The present value of the lease is $1,020,000. Jenny's incremental borrowing rate is 12% for this type of lease. The implicit rate of 10% is known by the lessee. What should be the balance in Jenny lease liability at December 31, 2016?

Department L had 600 units 60% completed in process at the beginning of June, 6,000 units completed during June, and 700 units 30% completed at the end of June. Using the first-in, first-out method of inventory costing, what was the number of equivalent units of production for conversion costs for the period? Need Solution

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 7BCP

Summary Introduction

Case summary: The partnership FS is a general partnership whose partners are the person JS who is a professional engineer and the company F&S. The person T signed the partnership agreement on behalf of the company F&S. JS is a designated partner on the FS Federal tax return. F&S was formed to buy and develop twenty acres of unoccupied, wooded land in York County. The deed to the property, lists the owner as of the ‘FS partners, a general partnership. When the taxes on the real estate were not paid, the tax claim bureau published notice that property would be sold at the amount of the tax pending. The bureau mailed and posted a notice to the address of record of the partners FS and on the partnership’s land.

To find : The notice of the tax sale is sufficient.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 7BCP

Summary Introduction

Case summary: The partnership FS is a general partnership whose partners are the person JS who is a professional engineer and the company F&S. The person T signed the partnership agreement on behalf of the company F&S. JS is a designated partner on the FS Federal tax return. F&S was formed to buy and develop twenty acres of unoccupied, wooded land in York County. The deed to the property, lists the owner as of the ‘FS partners, a general partnership. When the taxes on the real estate were not paid, the tax claim bureau published notice that property would be sold at the amount of the tax pending. The bureau mailed and posted a notice to the address of record of the partners FS and on the partnership’s land.

To find : The notice of the tax sale is sufficient.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 7BCP

Summary Introduction