Partners in summer breeze partnership

Assignment Help Business Management
Reference no: EM131417291

Seals and Croft are calendar year taxpayers. They are equal partners in Summer Breeze partnership, each contributing $100,000 in cash on January 1, 2015. The partnership agreement provides that allocations are to be made equally between the partners and that, when the partnership liquidates, distributions are to be made in  accordance with capital account balances. In its first year of operations, the partnership had the following income and expense during its taxable year that ended on December 31, 2015.

Gross Receipts from inventory sales- $200,000

Cost of goods sold-$20,000

Salaries-$50,000

Depreciation-$8,000

Amortization-$4,000

Utility Exp-$6,000

Investment Intest Exp-$4,000

Gain from the sale of equipment held for 3 years: IRC 1245 Gain (2,000), IRC 1231 Gain (7,000) , Charitable Contributions (1,000), and tax-exempt interest (1,000)

Reference no: EM131417291

Questions Cloud

What actions does ceo take that demonstrate leadership : Choose a CEO of a prominent firm that you believe exemplifies the positive aspects of strategic leadership. What actions does this CEO take that demonstrate effective strategic leadership? What are the effects of those actions on the firm's perfor..
Draw the breisachs historiography- ancient and medieval : Drawn from Chapters 1 through 6 of Breisach's Historiography: Ancient, Medieval, and Modern, and supplemented by scholarly materials available through the APUS Online Library or elsewhere, write your own interpretative account of the evolution of ..
Locate an example of eminent domain : For this written assignment, in a 2-3 page paper, locate an example of eminent domain and:
Identify and discuss the best practices in health care area : MT6580- Identify and discuss the best practices in the health care area which you have learned in this class which can be applied to health care issues in your community.
Partners in summer breeze partnership : Seals and Croft are calendar year taxpayers. They are equal partners in Summer Breeze partnership, each contributing $100,000 in cash on January 1, 2015. The partnership agreement provides that allocations are to be made equally between the partne..
Pressing global logistics problem today : 1) Contrast Customer Relationship Management as it relates to B2B and B2C. What has caused CRM to evolve over the past 20 years? 2) What do you think is the most pressing global logistics problem today? Why?
Special and consequential about ibm watson : What is special and consequential about IBM's Watson? Please be specific about what is consequential about IBMs Watson, not just a definition. Describe it in 100 words.
Describe what you decided to do for the given challenge : Describe what you decided to do for this challenge. Provide a detailed description of what your experience was. What challenges did you face in this situation and how did you handle them? What insights did you gain from this experience?
Human activity to study by economics : This means that economists looks at our limited resources - like money, time, energy, intelligence etc. - and how we decide what the best choices are for how to use them, with the goal of maximizing the benefits. As you can see, this opens up almo..

Reviews

Write a Review

 

Business Management Questions & Answers

  Determine relevant business competitive strategies

Determine relevant business competitive strategies. Analyze how to create value and sustained competitive advantage through business strategy. Choose measurement guidelines to verify strategy effectiveness.

  With amazon being the focus

Prepare an Organizational Culture and Development Plan according to the following:

  Change within an organization is inevitable whether it is

change within an organization is inevitable whether it is the result of such factors as the introduction of new

  What should large cable companies like comcast be doing now

What should large cable companies like Comcast be doing now so as not to go the way of Kodak? Your SLP assignment should be a minimum of 4-5 pages in length.

  Q1 ethics csr how does toyotas code of conduct or ethics

q1 ethics csr how does toyotas code of conduct or ethics address risks such as bribery and corruption? does toyota code

  Types of buyer-supply relationships

How are these changing currently and how does Electronic business affect these changes

  Show impact of religion on business values

What is an example for each of how the manifestation can be encouraged at work through organized events, programs and I need to reference a bible scripture for each one.

  Personal goals and vision, and career aspirations

How does a Business degree enhance the strengths and mitigate the weaknesses of employees and how does it align to personal goals and vision, and career aspirations?

  Are customers important element in the external environment

Contemporary best-selling management books often argue that customers are the most important element in the external environment. Do you agree? In what company situations might this statement be untrue?

  Strategic philanthropy for organizations

Research a Fortune 500 company, but do not use the same company you used for the Week 1 "Social Responsibility" assignment. Examine the company's strategic philanthropy and how it impacts profits, brand, image and turnover, as well as society as a..

  Shirt without importing

"Chinese workers earn only $0.75 an hour; if we allow China to export as much as it likes, our workers will be forced down to the same level. You can't import a $10 shirt without importing the $0.75 wage that goes with it. " Discuss.

  Different models used for developing data warehouse

What are the different models used for developing data warehouse and whats the difference between structured vs unstructured data?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd