Ursula is a 30% partner in the UV Partnership. The partnership agreement states that she shall receive
Question:
Ursula is a 30% partner in the UV Partnership. The partnership agreement states that she shall receive 30% of partnership profits computed before considering guaranteed payments. However, she is not to receive less than $10,000.
a. What is Ursula’s income if the partnership earns $60,000? How much of her income is a guaranteed payment?
b. What is Ursula’s income if the partnership earns $20,000? How much of her income is a guaranteed payment?
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...
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a Ursulas income is 18000 60000 x 030 None of the income is a guaranteed payment b...View the full answer
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Related Book For 
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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