Question

The Whitewater LLP is equally owned by three partners and has the following balance sheet at the end of the current tax year:
Partner Petula is an active (i.e., “general”) partner retiring from the service-oriented partnership. She receives $60,000 cash, none of which is stated to be for goodwill.
a. How much of the payment is for “unstated goodwill?”
b. How is the $60,000 allocated between a § 736(a) income payment and a § 736(b) property payment?


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  • CreatedSeptember 09, 2015
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