At the Beginning of This Year, Edmond and Samuel Were

question 372

Multiple Choice

At the beginning of this year, Edmond and Samuel were equal partners in a partnership that uses the calendar year as its tax year. On October 1, this year, Joan contributed $48,000 cash for a one- third interest in the partnership. The interests of both Edmond and Samuel drop to one- third. The partnership reports a $36,000 ordinary loss for the current tax year ending December 31. The loss allocation to Samuel is (assume the elective proration method with a monthly convention)

• A) $13,500.
• B) $18,000.
• C) $12,000.
• D) $16,500.

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