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Allocate gain and loss for the year

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Question - G and L form a limited partnership. L contributes $200,000 and G contributes only services. They agree that L will receive all cash distributions until she has received her capital back. Thereafter the cash will be divided 20/80. In year 1, GL buys an asset for $100,000. By the end of year 2 it has appreciated to $150,000. They sell the asset for $150,000 and distribute $100,000 to L during year 2. Allocate gain and loss for the year 2 using a target allocation method. The asset was not depreciated and there was no other business activity in year 1 and 2.

Reference no: EM132868567

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