A and B are equal partners in AB, Ltd. A and B have capital balances as shown

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A and B are equal partners in AB, Ltd. A and B have capital balances as shown below. The only activity in AB, Ltd. is depreciation in the amount of $1,000 each year. AB, Ltd. specially allocates this depreciation to A each year. AB, Ltd. has a qualified income offset provision to A in the amount of $1,500. Based on this information complete the table below for each of the years. Do not calculate years beyond the table.
	A	B
Beginning Capital	$1,500	$1,500
Year 1
Current Year Activity
Ending Capital

Year 2
Current Year Activity
Ending Capital

Year 3
Current Year Activity
Ending Capital

Year 4
Current Year Activity
Ending Capital

Related Book For answer-question

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Income Tax Fundamentals 2013

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Mar 25, 2023 10:41 AM

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