Question: For the Two Men and a Plunger how would this return be affected if Jeffrey and Brett were equal partners, but Clarissa Construction LLC was
For the Two Men and a Plunger how would this return be affected if Jeffrey and Brett were equal partners, but Clarissa Construction LLC was the third partner with a interest?Clarissa Construction uses a fiscal year. A There would bechanges to the oercentage of incoe that each partner would receive but no other major differences. B A limited partner cannot own the majority interest of the prtnership as established within the instructions for Form C Since Jeffrey and Brett are no longer the majority interest holders of the partnership, they would now be entitled to be paid a salary by the partnership for the services they provide income for the partnerhip. D Based on the majority interest rule, the partnership would hve to adopt the same fiscal year as their required tax year end. Jeffrey ans Brett would each have a interest in the partnership. This would lower their shares of the ordinary income and their related SE tax.
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