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What are the federal income tax consequences to gemstone

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Reference no: EM132705497

Question 1: What are the Federal Income Tax consequences to the Gemstone Galleries partnership of each of the following three withdrawals of Alicia from the partnership:

a. Derrick and Jacob assume Alicia's share of partnership liabilities and pay her 80,000 per year for next three years plus interest?

b. The partnership holds Alicia's harmless against the liabilities of the partnership and pays her 80,000 per year for the next three years plus interest?

c. The partnership holds Alicia harmless against the liabilities of the partnership and distributes the George Woodman Collection to her?

Reference no: EM132705497

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