Exercise $21-21($Algorithmic$)($LO$.6,7)$

This year, the Tastee Partnership reported income before guaranteed payments of $$291,000.$ Stella owns a $20\%$ profits interest

and works $1,930$ hours per year in the business. Euclid owns a $80\%$ profits interest $($with a basis of $$30,000$ at the beginning of

the tax year$)$ and performs no services for the partnership during the year. For services performed during the year, Stella

receives a "salary" of $$14,550$ per month. Euclid withdrew $$29,100$ from the partnership during the year as a normal

distribution of cash from Tastee $($i$.$e$.,$ not for services$).$

If required, round your answers to the nearest dollar.

a$.$ What is the amount of guaranteed payments made by the partnership this year?

$

b$.$ How much is the partnership's ordinary income after any permitted deduction for guaranteed payments?

$

c$.$ How much income will Stella report?

$

d$.$ How much income will Euclid report?