PT Partnership begins with 2 partners. Parrot contributes assets with a FMV of $50,000 and an adjusted basis of $10,000, and Troy contributes accounting services of $50,000. What income must Ava and Rose pick up on their individual tax returns? Parrot Troy
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- a) Paul, Betty and Rose are in partnership sharing profits in the ratio of 5:3:2. Rose is guaranteed a minimum share of profits of $10,000.Profits for the years ended 2016 & 2017 as follows: 31 Dec 2016 200,000 31 Dec 2017 42,000Required:1. Calculate the share of profits to each partner for 2016 and 2017. 2. Describe the tax treatment of a partnership. Kindly assist me to solve this questionL&J Interests is a partnership with two equal partners, Linda and Joanne. The partnership has income for the year of $44,400 before guaranteed payments. Guaranteed payments of $26,640 are paid to Linda during the year. Calculate the amount of income that should be reported by Linda and Joanne from the partnership for the year. Linda should report income of: $ Joanne should report income of: $In their partnership agreement, John, Roy, and Kim, have an income/loss distribution ratio of 4:2:1. How much would each of the three partners receive from an income of $168,000? John will get: $_____________; Roy: $ ____________; and Kin will receive:$ __________
- Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. If Matthew’s capital account is credited for $2,000 as his share of the net income, how much net income did the partnership earn?Blake and Ryan form the Poole Partnership. Blake contributes cash of $15,000. Ryan contributes land with an adjusted basis of $10,000 and a fair market value of $21,000. The land is subject to a $6,000 mortgage that Poole assumes. Blake and Ryan both receive a 50 percent interest in Poole. What is Ryan's recognized gain or loss on the contribution? a.$11,000 loss b.$5,000 gain c.$16,000 gain d.$4,000 loss e.None of these choices are correct.a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI b. Assume that Toby and Nancy get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Toby Filing Single $ Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single Married Filing Jointly c. How much income tax can Toby and Nancy save if they get married in 2023 and file a joint return?
- Carrie and Callie form a partnership in which Carrie contributes $85,000 in assets and agrees to devote half time to the partnership. Callie contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Carrie and Callie share in the division of income? In the ratio of:Alex and Brix are partners. A salary of P 50,000 is given to Alex and balance shall be divided equally. Assuming that profit is P 20,000, how much will Alex receive as share in the profit?7. Em and Fifty formed a tax consulting partnership on February 1, 2018. Each partner contributed $50,000 in return for an equal share of the profits from the partnership. On January 1, 2022, Fifty sold his interest to Julie for $150,000. The following is the income statement of the partnership: Em and Fifty Income Statement For the year ended December 31, 2021 Gross revenue $424,400 Expenses: Office expenses $69,000 Rent 58,300…
- Greg and Harriet are partners in GH partnership. Greg originally contributed $50,000 while Harriet contributed $150,000. Greg works full-time while Harriet works part-time. During the year, GH Partnership earned $120,000 in net income. Determine how much of this $120,000 would be allocated to each partner under each of the following profit/loss sharing agreements. a. There is no agreement. Greg Harriet b. In the ratio of original capital investments. Greg Harriet c. In the ratio of time devoted to the business. Greg Harriet d. 10% of original capital investments and the remainder equally. Greg Harriet e. 10% of original capital investments, a salary allowance of $30,000 for Greg, and the remainder equally. Greg Harrietthree partners, John, Jim, and Alice form a partnership. John invests $27,500; Jim invests $10,700, and Alice invests $8,400. In addition, Jim performs specific management functions for which he is paid $2,000 from the partnership proceeds. if the partnership earns $176,000, how much will jim receive?use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $288,000. They are entitled to a $6000 tax credit. Solve. The tax owed is $. enter your response here. Tax Rate Married filing jointly 10% up to $18,650 15% up to $75,900 25% up to $153,100 28% up to $233,350 33% up to $416,700 35% up to $470,700 39.6% above $470,700 Standard deduction $12,700 Exemption (per person) $4050