Reference no: EM131417291
Seals and Croft are calendar year taxpayers. They are equal partners in Summer Breeze partnership, each contributing $100,000 in cash on January 1, 2015. The partnership agreement provides that allocations are to be made equally between the partners and that, when the partnership liquidates, distributions are to be made in accordance with capital account balances. In its first year of operations, the partnership had the following income and expense during its taxable year that ended on December 31, 2015.
Gross Receipts from inventory sales- $200,000
Cost of goods sold-$20,000
Salaries-$50,000
Depreciation-$8,000
Amortization-$4,000
Utility Exp-$6,000
Investment Intest Exp-$4,000
Gain from the sale of equipment held for 3 years: IRC 1245 Gain (2,000), IRC 1231 Gain (7,000) , Charitable Contributions (1,000), and tax-exempt interest (1,000)
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