A limited partnership has three partners, all individuals: Gen $($the general partner$),$ LimA $($a limited partner$)$ and LimB $($a limited partner$).$ The original contributions and income$/$loss allocation percentages for the partners are:

Gen: $$100,000,40\%$

LimA: $$56,000,15\%$

LimB $$165,00045\%$

The partnership$$s taxation year ends on December $31.$ It had the following income and losses for its first two years of operations:

$2022-$ $$400,000$ business loss

$2023-$ $$50,000$ business income

What is LimB$$s business income or loss from the partnership for $2023?$

Answer rating: 100% (QA)

To calculate LimBs business income or loss from the partnership for 2023 we n... View the full answer