William started the year with a basis of $100,000 in Beamer Co., a partnership in which...

Transcribed Image Text:

William started the year with a basis of $100,000 in Beamer Co., a partnership in which he owns a 20% interest in the capital, profits, and losses. For tax year 2020, the partnership eamed operating revenues of $800,000 and had operating expenses of $600,000. During the year, William withdrew from the partnership a total of $60,000. He also invested an additional $5,000 in the partnership. What is Williams gross income from the partnership in 2020? (enter whole dollars only, no minus sign (-) no dollar signs ($), no commas (), or any other marks.) William started the year with a basis of $100,000 in Beamer Co., a partnership in which he owns a 20% interest in the capital, profits, and losses. For tax year 2020, the partnership eamed operating revenues of $800,000 and had operating expenses of $600,000. During the year, William withdrew from the partnership a total of $60,000. He also invested an additional $5,000 in the partnership. What is Williams gross income from the partnership in 2020? (enter whole dollars only, no minus sign (-) no dollar signs ($), no commas (), or any other marks.)

Answer rating: 100% (QA)

Answer Williams profit share 200000 ... View the full answer