Joe Creel owned a NASCAR collectibles business named Joe's Racing Collectibles. In 1994, Creel brought Arnold Lilly and Roy Altizer into the business, which they reformed as a partnership named Joe's Racing. Creel contributed as capital to the partnership inventory and supplies of the old business, valued at $15,000. Lilly and Altizer each contributed $6,666 in cash to the partnership, and each paid $3,333 to Creel for his rights in the existing business. The partners agreed to share profits and losses with 52 percent going to Creel and 24 percent each to Lilly and Altizer. Less than a year later, Creel died and his wife sought to receive the value of his interest in the partnership. An accountant valued the partnership at $44,589.44. The partnership's creditors were the accountant for $875, Mrs. Creel $495, Lilly $2,187, and Altizer $900. What was the value of the Creel's partnership interest?
Answer to relevant QuestionsThe Federal Tort Claims Act (FTCA) waives the federal government's sovereign immunity concerning claims arising out of torts committed by federal employees. This waiver of sovereign immunity allows tort claims based on ...Adams, a worker at a Circuit City retail electronics store in California, signed an employment application that included an agreement to resolve all future employment disputes exclusively by binding arbitration. Later, Adams ...On August 26, while employed as a policeman at a state university, Richard Homar was arrested by the state police and charged with a drug felony. University officials then suspended Homar without pay. Although the criminal ...Simon Weinberg and his brother were the only partners in Times Square Stationers LLP. The partners signed a 20-year lease with Tisch Leasing. After 12 years, Simon retired from the business and was replaced as a partner by ...Harlan Nesbitt was a member of Oak Creek Golf LLC, a limited liability company that owned and operated a golf course. Nesbitt wanted to dissociate from the LLC, but neither the LLC nor any other LLC member was willing to ...
Post your question