User Account

All Pages

calclution, Taxation

Assignment Help:
Ask question #Minimum 100 words Problem 4-42 (LO. 3, 4)
Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $50,000 at the beginning of the tax year. The partnership profits for the tax year were $270,000. Changes in their capital accounts during the tax year were as follows:
Faye Gary Heidi Total
Beginning balance $50,000 $50,000 $50,000 $150,000
Withdrawals (20,000) (35,000) (10,000) (65,000)
Additional contributions -0- -0- 5,000 5,000
Allocation of profits 90,000 90,000 90,000 270,000
Ending balance $120,000 $105,000 $135,000 $360,000

In arriving at the $270,000 of partnership profits, the partnership deducted $2,400 ($800 for each partner) in premiums paid for group term life insurance on the partners. Faye and Gary are 39 years old, and Heidi is 35 years old. Other employees are also eligible for group term life insurance equal to their annual salary. These premiums of $10,000 have been deducted in calculating the partnership profits of $270,000.
Each partner''s gross income from the partnership for the tax year is $ .
accepted#

Related Discussions:- calclution

#62, Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Sp...

Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husb

Salary, what is the rule of travelling allowance of 2013-14

what is the rule of travelling allowance of 2013-14

Introduction to Tax, To prepare Jackie O. Park''s tax return without the ai...

To prepare Jackie O. Park''s tax return without the aid of Tax preparation software, complete the following steps: Ensure that you have an Adobe Reader http://get.adobe.com/reade

Sales tax, Arnold and Beth file a joint return. Use the following data to c...

Arnold and Beth file a joint return. Use the following data to calculate their deduction for AGI. Mortgage interest on personal residence $ 4,000 Property taxes on personal resi

Federal Taxation , Rubric Item #12(b) -- Margaret''s Own Interest in Father...

Rubric Item #12(b) -- Margaret''s Own Interest in Father''s Trust

Income tax return, Use the following information to complete Phillip and Cl...

Use the following information to complete Phillip and Claire Dunphy's 2012 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Ign

Sedimentary rocks, a.  Which type of ripple marks would you expect to see o...

a.  Which type of ripple marks would you expect to see on the bed of a river? Why? b.  Which type would you expect to find on the floor of a standing body of water? Why? c.

Australia taxation law, Janet (taxpayer) residing in Australia is named as ...

Janet (taxpayer) residing in Australia is named as the sole beneficiary of a property (1.85 hectares) with a large homestead as a result of the death of a relative on 7/10/2010.

Independence standard board, Independence Standard Board (ISB) - This is pr...

Independence Standard Board (ISB) - This is private sector standard-setting body governing the independence of AUDITORs from their public company clients. It came about from discus

Characteristics of a common resource, Suppose there are 40 commuters in App...

Suppose there are 40 commuters in Apple Valley, Minnesota who commute to downtown Minneapolis. They have two options for getting downtown: they can take the light rail or they can

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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