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.

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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.

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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.

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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.

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Check out a sample textbook solution

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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