Katie works 40 hours a week as a clerk in the mall and earns $20,000. In addition,

Question:

Katie works 40 hours a week as a clerk in the mall and earns $20,000. In addition, she works five hours each week in the JKL Partnership’s office. Katie, a 10% limited partner in the JKL has been allocated a $2,100 loss from the for the current year. The basis for her interest in JKL before accounting for current operations is $5,000. What tax issues should Katie consider with respect to her interest in, and employment by, the JKL 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...