Draft a letter to the partnership, evaluating the allocation of MACRS in each of the three years under Reg. §§ 1.704–1 and –2. The partnership’s address is 53 East Marsh Ave., Smyrna, GA 30082.

Topic: ACCT 4306-110 – FEDERAL TAX ACCOUNTING   Your clients, Grayson Investments, Inc. (Ana Marks, President), and Blake Caldwell, each contributed $200,000 of cash to form the Realty Management Partnership, a limited partnership. Grayson is the general partner, and Blake is the limited partner. The partnership used the $400,000 cash to make a down payment […]

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