Mary was a limited partner in a limited partnership that had four other limited partners and one general partner.Mary and one other limited partner invested $40,000 each in the partnership,the other two limited partners invested $60,000 each,and the general partner invested $800,000.The partnership agreement made no mention as to the sharing of profits and losses.In the first year of operations the partnership had a net income of $100,000.How much should be allocated to Mary?
A) $25,000
B) $20,000
C) $10,000
D) $5,000
E) $4,000
Correct Answer:
Verified
Q52: What is the effect of a limited
Q53: Cindy is one of 50 limited partners
Q54: What must be done by a limited
Q55: A limited partner who takes an active
Q56: A limited partnership must keep the copies
Q58: Which of the following is a consequence
Q59: Cindy was a limited partner in the
Q60: Which of the following activities will cause
Q61: The Good Times limited partnership has already
Q62: Hank is a limited partner in a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents