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10 May 2018

Lara is 50% partner in Diana"s Deli. She is so to recieve aguaranty payment of $20000 if the parnership'sordinary incomebefore deducting the guaranteed payment is $50000, what is Lara'sdistributiveshare?

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Keith Leannon
Keith LeannonLv2
11 May 2018

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FredCo and Fran are equal partners in the calendar year F & FPartnership. FredCo uses a fiscal year ending June 30, and Fran uses acalendar year. FredCo receives an annual guaranteed payment of $50,000. F &F’s taxable income (after deducting FredCo’s guaranteed payment) is $40,000 for 2010 and $50,000 for 2011.

A. What is the amount of income from the partnership that FredCo must reportfor its tax year ending June 30, 2011?

B. What is the amount of income from the partnership that Fran must report for her tax year ending December 31, 2011?

THE PARTNERSHIP OF LIONS, TIGERS AND BEARS HAS EXISTED SINCE1945, BUT NOW THEY
HAVE DECIDED TO DISSOLVE THE PARTNERSHIP.
PARTNERS SHARE PROFITS AND LOSSES EQUALLY
THEIR JANUARY 1, 2016 BALANCE SHEET IS PRESENTED BELOW:

CASH 50000
ACCOUNTS RECEIVABLE 100000
LAND 200000
EQUIPMENT NET 200000
PATENT 100000
TOTAL ASSETS 650000

ACCOUNTS PAYABLE 300,000

LIONS CAPITAL 200000
TIGERS' CAPITAL 120,000
BEAR'S CAPITAL 30000

A) ON JANUARY 1 WHAT IF ANY SAFE PAYMENTS CAN EACH OF THE PARTNERSTAKE?

B) ON JANUARY 30TH THEY SOLD THE LAND FOR$120,000
IF NO PARTNERS TOOK ANY SAFE PAYMENTS ON JANUARY 1ST WHAT SAFEPAYMENTS CAN EACH TAKE NOW?

C) ON FEBRUARY 28TH THE PARTNERSHIP SOLD THERECEIVABLES FOR $90,000
IF SHE COULD, TIGERS WOULD HAVE TAKEN A SAFE PAYMENT AT THE END OFJANUARY

WHAT SAFE PAYMENTS CAN EACH PARTNER NOW TAKE?

D) ON MARCH 31ST THE PARTNERSHIP SOLD THE PATENTFOR $40,000
IF SHE COULD TIGERS WOULD HAVE TAKEN ANY A SAFE PAYMENT AT THE ENDOF FEBRUARY

ON MARCH 31 WHAT CAN EACH PARTNER TAKE AS A SAFEPAYMENT?

E) ON APRIL 30TH THE PARTNERSHIP SELLS THE EQUIPMENT FOR $10,000AND PAYS OFF THE ACCOUNTS PAYABLE

IF ALL PARTNERS ARE INSOLVENT, HOW MUCH DOES EACH PARTNER GET ATTHE END OF THE PARTNERSHIP?

F) USING THE INFORMATION FROM E): IF ANY ALL PARTNERS ARE SOLVENTAND CAN COVER ANY DEBTS HOW MUCH
DOES EACH PARTNER RECEIVE OR PAY AT LIQUIDATION?

THE PARTNERSHIP OFLIONS, TIGERS AND BEARS HAS BEEN EXISTED SINCE 1945, BUT NOWTHEY
HAVE DECIDED TO DISSOLVE THEPARTNERSHIP.
PARTNERS SHARE PROFITS ANDLOSSES EQUALLY

THEIR JANUARY 1, 2016 BALANCE SHEET IS PRESENTED BELOW:

CASH 50000
ACCOUNTS RECEIVABLE 100000
LAND 200000
EQUIPMENT NET 200000
PATENT 100000
TOTAL ASSETS 650000
ACCOUNTS PAYABLE 300,000
LIONS CAPITAL 200000
TIGERS' CAPITAL 120,000
BEAR'S CAPITAL 30000
A) ON JANUARY 1WHAT IF ANY SAFE PAYMENTS CAN EACH OF THE PARTNERS TAKE?
B) ON JANUARY 30TH THEY SOLD THE LAND FOR$120,000
IF NO PARTNERS TOOK ANY SAFEPAYMENTS ON JANUARY 1ST WHAT SAFE PAYMENTS CAN EACH TAKE NOW?
C) ON FEBRUARY 28TH THE PARTNERSHIP SOLD THERECEIVABLES FOR $90,000
IF SHE COULD, TIGERS WOULDHAVE TAKEN A SAFE PAYMENT AT THE END OF JANUARY
WHAT SAFE PAYMENTS CAN EACHPARTNER NOW TAKE?
D) ON MARCH 31ST THE PARTNERSHIP SOLD THE PATENT FOR$80,000
IF SHE COULD TIGERS WOULD HAVETAKEN ANY A SAFE PAYMENT AT THE END OF FEBRUARY
ON MARCH 31 WHAT CAN EACHPARTNER TAKE AS A SAFE PAYMENT?
E) ON APRIL 30TH THEPARTNERSHIP SELLS THE EQUIPMENT FOR $10,000 AND PAYS OFF THEACCOUNTS PAYABLE
IF ALL PARTNERS ARE INSOLVENT,HOW MUCH DOES EACH PARTNER GET AT THE END OF THE PARTNERSHIP?
F) USING THE INFORMATION FROME): IF ANY ALL PARTNERS ARE SOLVENT AND CAN COVER ANY DEBTS HOWMUCH
DOES EACH PARTNER RECEIVE ORPAY AT LIQUIDATION?

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