san partnership has three 33% partners: diego, onofre, and clemente. all have tax capital accounts of $60,000. diego sells his interest to francisco for $80,000. what is the balance in francisco's tax capital account after the sale?

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18-11-2022
Business

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san partnership has three 33% partners: diego, onofre, and clemente. all have tax capital accounts of $60,000. diego sells his interest to francisco for $80,000. what is the balance in francisco's tax capital account after the sale?

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-11-22T19:20:08+01:00

Under the partnership even if Diego sells his interest to Francisco, there will be a balance of $60,000 because tax capital account carries over to the new partner.

A formal agreement between 2 or more entities to manage a company and share the profits is termed a partnership. Partnership arrangements take a variety of forms. One type of company where partners may well have minimal liability is a partnership where all partners share profits or obligations equally. Furthermore, there is the as such "silent partner," where one party doesn't really participate in the daily management of the business. A partnership, broad sense, can be any project which several individuals undergo together. Government, charitable organizations, businesses, or private persons could be the parties. A partnership's objective could also vary significantly.

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