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Question - A&B form a partnership with A being the limited partner (LP) who will invest $150,000 and B being the general partner (GP). The group finds a property for $700,000 and takes a mortgage for $550,000, interest only at 6%. They agree to a 90/10 split on the profits and distributions while the property is owned by the group.
Assume the following:
Gross Income- $125,000
LESS VACANCY- $6,250
LESS OPERATING EXPENSES - $27,000
Assume straight line 10 year depreciation schedule ($70,000 per year)
What is the taxable income?
Complete the first three rows of an amortization schedule. Record the first monthly mortgage payment on January 31, 2018.
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