Partnership Formation, Current Distributions $($LO $10\mathrm{.}2,10\mathrm{.}4)$

Partnership Income Reporting $($LO $10\mathrm{.}3)$

K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has income of $$39,600$ for the year before guaranteed payments. Guaranteed payments of $$23,760$ are paid to Kai during the year.

Calculate the amount of income that should be reported by Kai and Taonga from the partnership for the year.

DescriptionAmountKai should report income of:$fill in the blank $1$Taonga should report income of:$fill in the blank $2$

Meredith has a $40-$percent interest in the assets and income of the Gantt Partnership, and the basis in her partnership interest is $$6$Partnership Income Reporting $($LO $10\mathrm{.}3)$

K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has income of $$39,600$ for the year before guaranteed payments. Guaranteed payments of $$23,760$ are paid to Kai during the year.

Calculate the amount of income that should be reported by Kai and Taonga from the partnership for the year.

DescriptionAmountKai should report income of:$fill in the blank $1$Taonga should report income of:$fill in the blank $2$

$0,000$ at the beginning of $2023.$ During $2023,$ the partnership's net l