Which of the following statements is true concerning the distribution of safe payments? The distribution of safe payments assumes that any capital deficit balances will prove to be a total loss to the partnership. Safe payments are equal to the recorded capital balances of partners with positive capital balances. The distribution of safe payments may only be made after all liabilities have been paid. In computing safe payments, partners with positive capital balances are assumed to absorb an equal share of any deficit balance(s). There are no safe payments until the liquidation is complete.
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Business, 22.06.2019 09:40
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Business, 22.06.2019 18:00
On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?
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Which of the following statements is true concerning the distribution of safe payments? The distribu...
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