On distribution, for tax purposes, accumulated partnership profits to partners are treated differently from accumulated corporate profits
Question:
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Profits earned and retained by the partnership become part of the partners capital or equit...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Question Posted:
Students also viewed these Business Law questions
-
Almost two years ago, the DEF Partnership was formed when Demetrius, Ebony, and Farouk each contributed $100,000 in cash. They are equal general partners in the real estate partnership, which has a...
-
Conquest Enterprises is a partnership that operates a small wares wholesale firm. The partners are Cameron Traders Ltd. and Kando Construction Ltd. They share profits equally. The partnership...
-
Multiple Choice Questions 1. Candy Corp. is a C corporation that began operations in year 1. Candy Corp.'s year 1 through year 3 taxable earnings and profits (E & P) are computed as follows. Year E &...
-
In a bank reconciliation, deposits in transit are: (a) deducted from the book balance. (b) added to the book balance. (c) added to the bank balance. (d) deducted from the bank balance.
-
Listed below are the arrival delay times (in minutes) of randomly selected American Airline flights from New Yorks JFK airport to Los Angeles (LAX). Negative values correspond to flights that arrived...
-
A hydrometer is a device used to measure the density of a liquid. It is a cylindrical tube weighted at one end, so that it floats with the heavier end downward. The tube is contained inside a large...
-
Smith et al. [1992] discuss a study of the ozone layer over the Antarctic. These scientists developed a measure of the degree to which oceanic phytoplankton production is inhibited by exposure to...
-
On page 243, we presented a frequency distribution for data on chest circumference, in inches, for 5732 Scottish militiamen. As mentioned there, Adolphe Quetelet used a procedure for fitting a normal...
-
The spot rate of interest is defined by st = 0.1 (0.8)t for t = 1, 2, 3, 4, 5. Find the present value of a 5-year annuity-due in which the first payment is equal to $1000, and each subsequent...
-
Jim, Liz, and Keith are equal partners in the JLK Partnership, which uses the accrual method of accounting. All three materially participate in the business. JLK reports financial accounting income...
-
Partnership profits or losses allocated to the partners retain their source and characteristics. What does this mean? How does this compare with the manner in which a corporations profits or losses...
-
What is a partnership interest? What type of property is it considered to be for tax purposes?
-
Using Yahoo! Finance, update the dividends for Johnson & Johnson for the last ten years. Find both the arithmetic growth rate and the geometric growth rate of the dividends.
-
Concept Map: MS Overview Concept maps are important tools in developing an understanding of certain concepts. There are many options when it comes to mapping out new concepts. However, the purpose is...
-
A jet plane traveling 1980 km/h (525 m/s) pulls out of a dive by moving in an arc of radius 7.00 km. What is the planes acceleration in gs?
-
A siren has a frequency of 728 Hz when it is at rest, whereas it has an apparent frequency of 795 Hz when it is moving toward a stationary observer. What is the speed of the siren in the latter case?
-
An athlete training for an event does 5.78 x 10^ 4 J of work during a workout and gives off 3.57 x 10^ 5 J of heat. Consider the athlete to be like a heat engine. What is his efficiency?
-
Module 2: Medical Microbiology ANSWER EACH OF THE FOLLOWING QUESTIONS What does the innate immune system do? 1. List the important white blood cells and their functions. 2. Describe the...
-
The cost C (in dollars) of producing x units of a product is C = 60x + 1350. For one week, management determined that the number of units produced x at the end of t hours can be modeled by x = 1.6t 3...
-
At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a seven-year operating lease agreement. The contract calls for quarterly rent payments of $25,000 each....
-
Using the facts in the previous problem, what is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? This would result in what...
-
Using the facts in the previous problem, what is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? This would result in what...
-
Consider the following tax rate structure. Is it horizontally equitable? Why or why not? Is it vertically equitable? Why or why not? Taxpayer _________Salary _________Total Tax Marilyn...
-
If you invest $250 a month for 40 years at 10% interest. How much money will you have.
-
Watch the Video "Types of Risks - Risk Management in Banks" https://youtu.be/8QjCdwhPT8U Provide a one paragraph answer to each of the following questions: In your opinion, what type of bank risk has...
-
4. A product manager prepared the following forecasts for a product line: 0 1 2 3 4 5 6 and later + + + + + $2m $2m $3m $4m $4m g=2.5% If the appropriate discount rate is 8.5%, what is the present...
Study smarter with the SolutionInn App