![]() Both partners materially participate in the operation of the business. The partners are personally liable for all partnership liabilities. Any profit or loss will be shared equally by the partners. The partnership agreement states that Frank will receive a yearly guaranteed payment of $20,000 and Susan will receive $5,000. Frank works full time in the business, while Susan works approximately 25% of her time in it. The partnership uses an accrual method of accounting and a calendar year for reporting income and loss. This filled-in Form 1065 is for the AbleBaker Book Store, a partnership composed of Frank Able and Susan Baker. Use to find additional instances of index items. ![]() Previous Page: 541-Adjusting the Basis of Partnership Property
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