Cervantes, Chavez, Cabindol and Cortes are partners in the 4C Partnership with 10%, 20%, 30% and 40% participation in partnership profits and losses respectively.  During 2019, Cabindol contributed property valued at P70,000 to the partnership and withdrew P220,000 (charged against his capital account).  If Cabindol’s capital account had a net decrease of P90,000 during the calendar year 2019.  What was the share of Cortes in the net profit (loss) of the 4C Partnership?

Alfonso began the year with a tax basis in his partnership interest of $30,000. His share of partnership debt at the beginning and end of the year consists of $4,000 of recourse debt and $6,000 of nonrecourse debt. During the year, he was allocated $40,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources. a. How much of Alfonso’s loss limited by his tax basis? b How much of Alfonso’s loss is limited by his at-risk amount? c. How much of Alfonso’s loss is limited by the passive activity loss rules?

In the absence of a partnership agreement, profits and losses are shared by partners:a.Equallyb.According to their capital contributionsc.According to their time and effort investedd.In proportion to their agreed ratio

A partnership has three partners: A, B, and C. They agreed to share profits and losses in the ratio of 3:2:1. If the partnership's profit for the year is $90,000, how much will Partner B's share of the profit be?Question 16Answera.$30,000b.$36,000c.$40,000d.$45,000

Jitendra and Dharmendra are partners in a firm sharing profit and losses in the ratio of 4:3 theadmit Hema Malini in partnership for 1/5 share of profits calculate new profit sharing ratio

Select the correct answerIn a business partnership among A,B,C and D, the profit is shared as follows AB = BC = CD = 1:3 If the total profit is Rs. 4,00,000, the share of C is?OptionsRs. 1,37,500Rs. 1,12,500Rs. 90,000Rs.