Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% canital interest in the nartnershin

Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% canital interest in the nartnershin

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter6: Losses And Loss Limitations

Section: Chapter Questions

Problem 20P

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Problem #3 Formation of Partnership. Gogola and Paglinawan have just formed a partnership.Gogola contributed cash of P1,260,000 and a computer equipment that cost P540,000.The fair value of the computer is P360,000.Gogola has notes payable on the computer of P120,000 to be assumed by the partnership.Gogola is to have 60% capital interest in the partnership.Paglinawan contributed only P900,000.The partners agreed to share a profit and loss equally. Gogola should make an additional investment (withdrawal) of
Problem #4 Formation of a Partnership Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) of
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ageNOWv2 | Online teachin x + keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еBook Show Me How E Calculator Black and Shannon have decided to form a partnership. They have agreed that Black is to invest $204,000 and that Shannon is to invest $68,000. Black is to devote one-half time to the business, and Shannon is to devote full time. The following plans for the division of income are being considered: a. Equal division. b. In the ratio of original investments. C. In the ratio of time devoted to the business. d. Interest of 6% on original investments and the remainder equally. e. Interest of 6% on original investments, salary allowances of $45,000 to Black and $75.000 to Shannon, and the remainder equally. f. Plan (e), except that Shannon is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances. Required: For each plan, determine the division of the net income under each of the following…
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