Steve and Mark are partners in a partnership running a real state agency. They share profits and
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Steve and Mark are partners in a partnership running a real state agency. They share profits and losses equally under the partnership agreement. In addition, Steve receives salaries of $50,000 every year from the partnership for taking on the daily management role in the agency. In this income year, the partnership makes a loss of $75,000 after deducting the salaries paid to Steve.
Explain the tax implications of Steve and Mark in this income year.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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