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The partnership agreement of Jones, King, and Lane provides for the annual allocation of thebusiness's profit or loss in the following sequence:
The average capital investments for 2013 were as follows:
Jones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000
King . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
Lane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
How much of the $90,000 partnership profit for 2013 should be assigned to each partner?
Fred's interest is not considered to be a passive activity.If his share of the partnership losses is $35,000 in 2007 and$25,000 in 2008, how much can he deduct in each year?
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In 2008, he purchased $150,000 worth of jerseys from manufacturers, employed one worker for $40,000, purchased $20,000 worth of supplies from an office supply store, and sold jerseys for $280,000. Based on this information, what was the value adde..
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The following information has been obtained for the Kerdyk Corporation. Compute taxable income and income tax payable for 2007.
Determine the present value, assuming that John desires a 10% rate of return on this investment.
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