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Category > Accounting Posted 24 Apr 2017 My Price 5.00

Property Management is organized as a partnership

45.    LO5 Ozzello Property Management is organized as a partnership. The owners, Lorenzo, Erwin, and Michelle, share profits and losses 30:30:40. Ozzello has the following results for the current year:

 

Management fees

$230,000

Long-term gain on sale of investments

22,000

Short-term loss on sale of investments

(4,000)

Salaries paid to employees

67,000

Office rent

43,000

Office expenses

19,000

Determine each partner’s share of Ozzello’s taxable income for the current year.

 

 

 

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 24 Apr 2017 05:04 PM My Price 5.00

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Attachments

file 1493054594-1474879_1_636285619611449868_Profit-loss-allocation-partnership.xlsx preview (120 words )
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