Aidan, Kevin, and Alex formed the AKA Partnership, agreeing to share profits and losses equally. Aidan will manage the business for which he will receive a guaranteed payment of $30,000 per year. Business activity for the year was as follows: Net income from operations (before guaranteed payment) $ 480,000 Guaranteed payment to Aidan 30,000 Kevin is unmarried without dependents, has no other income, and has $15,000 itemized deductions. 

How much is Kevin's taxable income, if any?  

Answer rating: 100% (QA)

To calculate Kevins taxable income we need to follow these steps 1 Determine Kevins share of ... View the full answer