A Partnership between Partners A, B and C is divided such that Partner A owns 50% of

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A Partnership between Partners A, B and C is divided such that Partner A owns 50% of the firm, Partner B owns 30% of the and Partner C owns 20%. The partnership has $50,000 of noncash assets recorded on its books and $10,000 in cash on hand. The partnership also has liabilities in the amount of $40,000.

The partnership decide to liquidate the firm , and after selling the noncash assets, Partner A has a capital account deficit of $20,000.

What is partner B's share of the the capital account deficit, assuming Partner A is personally insolvent?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

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

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Posted Date: May 02, 2024 12:42 AM

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A Partnership between Partners A, B and C is divided such that Partner A owns 50% of

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To solve this problem we need to calculate the capital account balances of each partner after the li... View the full answer

Income Tax Fundamentals 2013

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