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What is the schedule to distribute

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Question - On February 1, 2014, George, Hamm, and Ishmael began a partnership in which George and Ishmael each contributed cash of $25,000; and Hamm contributed property with a fair value of $50,000 and a tax basis $40,000. George and Ishmael receive salaries of $10,000 each. The partnership agreement of George, Hamm, and Ishmael provides that profits and losses of the remaining income be distributed to George, Hamm, and Ishmael by a 1:3:1 ratio. What is the schedule to distribute $25,000 of partnership net income to the partners?

Reference no: EM132513500

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