During the current year, DEF Partnership (owned equally by D, E and F) had $150,000 ordinary...
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During the current year, DEF Partnership (owned equally by D, E and F) had $150,000 ordinary business revenues, a $3,000 capital loss, $80,000 ordinary business expenses, a $20,000 charitable deduction, and $20,000 of dividend income. In addition, DEF made a guaranteed salary payment of $40,000 to D, and each of the three partners withdrew $10,000 of non- guaranteed payments. Determine each partner's share of ordinary partnership income, guaranteed payments, and specially allocated items. Ignore any payroll taxes. During the current year, DEF Partnership (owned equally by D, E and F) had $150,000 ordinary business revenues, a $3,000 capital loss, $80,000 ordinary business expenses, a $20,000 charitable deduction, and $20,000 of dividend income. In addition, DEF made a guaranteed salary payment of $40,000 to D, and each of the three partners withdrew $10,000 of non- guaranteed payments. Determine each partner's share of ordinary partnership income, guaranteed payments, and specially allocated items. Ignore any payroll taxes.
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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