Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree
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Question:
Cantor | Dickens | |
As salaries | $40,000 | $48,000 |
As interest on capital at the beginning of the year | 10% | 10% |
Remaining profits or losses | 50% | 50% |
If income for the year was $120,000, what will be the distribution of income to Cantor?
$40,000 |
$52,000 |
$64,000 |
$56,000 |
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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