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ABLE, inc. and The CAPITAL Corporation form a general partnership. Capital provides 90% of the cash. Able provides 100% or the partnerships management.
Their deal is that all profits and losses are allocated 10% to ABLE & 90% to CAPITAL until the partnership has earned a 10% cumulative annual return on original capital.
There after, all profits and losses are shared 50-50. ABLE uses a calendar year tax year. CAPITAL uses a June 30 tax year. What tax years are available to the partnership?
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George Large (SSN 000-11-111) and his wife Marge Large (SSN 000-22-222) live at 2000 Lakeview Drive,Cleveland, OH 4901 and want you to prepare their 2012 income tax return based on the informatio
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