The AB, BC, and CD Partnerships merge into the ABCD Partnership. AB (owned by Austin and Ben)contributes assets worth $100,000. BC (owned by Ben and Charlie)contributes assets worth $200,000. CD (owned by Charlie and Dennis)contributes assets worth $300,000. The capital and profits interest in ABCD is owned by: Austin, 10%; Ben, 30%; Charlie, 25%; and Dennis, 35%. ABCD Partnership is a continuation of
A)AB.
B)BC.
C)CD.
D)none of the partnerships.

Question

Quizplus · Accepted Answer

The Answer of The AB, BC, and CD Partnerships merge into the ABCD Partnership. AB (owned by Austin and Ben)contributes assets worth $100,000. BC (owned by Ben and Charlie)contributes assets worth $200,000. CD (owned by Charlie and Dennis)contributes assets worth $300,000. The capital and profits interest in ABCD is owned by: Austin, 10%; Ben, 30%; Charlie, 25%; and Dennis, 35%. ABCD Partnership is a continuation of
A)AB.
B)BC.
C)CD.
D)none of the partnerships.

The AB, BC, and CD Partnerships Merge into the ABCD