Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $55,000.

Question:

Barry and Kurt are equal partners in the BK Barry receives a guaranteed payment of $55,000. In addition to the guaranteed payment, Barry withdraws $10,000 from the The has $24,000 in ordinary income during the year.
a. How much income must Barry report from BK What is the effect on Barry’s basis?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...