Thomas and Miles Are Equal Partners in a Partnership, Which

question 41

Multiple Choice

Thomas and Miles are equal partners in a partnership, which uses the calendar year as its tax year. On September 1, this year, Katie contributed $60,000 cash for a one-third interest in the partnership. The partnership reports a $24,000 ordinary loss for the tax year ending on December 31 of this year. The loss allocation to Katie (new partner) is

• A)$0.
• B)$2,667.
• C)$4,000.
• D)$8,000.

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Definitions:

After 1980

Refers to the time period following the year 1980, often used in discussions about cultural, technological, or societal changes.

Ethological

Pertains to the scientific study of animal behavior, particularly in natural environments, focusing on the evolutionary implications of behavior.

Psychoanalytic

Pertaining to a theory of psychology and method of psychotherapy, originally developed by Sigmund Freud, emphasizing unconscious mental processes and early childhood experiences in shaping behavior and personality.

Cognitive

Pertaining to the mental processes involved in acquiring knowledge and understanding through thought, experience, and the senses.