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Problem 1: The remaining cash of a partnership (after creditors have been paid) upon liquidation is divided among partners according to their
A. capital balances
B. contribution of assets
C. drawing balances
D. income sharing ratio
Problem 2: A gain or loss on realization is divided among partners according to their
A. income sharing ratio
B. capital balances
D. contribution of assets
Problem 3: A and B are partners who share income in the ratio of 3:2 and have capital balances of $50,000 and $90,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $90,000. How much cash should be distributed to A?
A. $50,000
B. $20,000
C. $30,000
D. $45,000
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Diane purchased a factory building on April 15, 1993, for $5,000,000. Determine the cost recovery deduction for the year of the sale.
College and Continuing Professional Education
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