Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 03 Feb 2018 My Price 6.00

MGP General Partnership

The MGP General Partnership was created on January 1 of the current year by having Melinda, Gabe, and Pat each contribute $10,000 cash to the partnership in exchange for a one-third interest in partnership income, gains, losses, deductions, and credits. On December 31 of the current year, the partnership balance sheet reads as follows:

 

Basis

FMV

 

Basis

FMV

Assets

$60,000

$75,000

Recourse debt

$30,000

$30,000

 

 

 

Melinda, capital

14,000

19,000

 

 

 

Gabe, capital

14,000

19,000

 

 

 

Pat, capital

2,000

7,000

 

 

 

 

$60,000

$75,000

Pat’s capital account is less than Melinda’s and Gabe’s capital accounts because Pat has withdrawn more cash than the other partners have. How do the partners share the recourse debt as of December 31 of the current year?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Feb 2018 10:02 PM My Price 6.00

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