Kristie is a 30% partner in the KKM Partnership. During the current year, KKM reported gross receipts
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Kristie is a 30% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $280,000 and a charitable contribution of $30,000. The partnership paid office expenses of $80,000. In addition, KKM distributed $20,000 each to partners Kaylyn and Megan, and the partnership paid partner Kaylyn $20,000 (guaranteed payments) for administrative services. Kristie reports the following items from KKM during the current tax year:
- $54,000 ordinary income; $9,000 charitable contribution.
- $60,000 ordinary income; $9,000 charitable contribution.
- $36,000 ordinary income.
- $54,000 ordinary income.
Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
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