Your client, Q, is an equal partner with T in the QT General Partnership, an emergency animal
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Your client, Q, is an equal partner with T in the QT General Partnership, an emergency animal clinic. Q is a veterinarian and works actively in the business. To reward him for his efforts, the partnership paid him this year a flat $120,000 ($10,000 per month), regardless of partnership profits. In addition, he received distribution at the end of the year of $30,000. On his Schedule K-1, his share of partnership ordinary income is $70,000. Q would like to know how much he will have to report as self-employment income for the year.
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Related Book For
Federal Taxation 2019 Corporations, Partnerships, Estates & Trusts
ISBN: 9780134739694
32th edition
Authors: Timothy J. Rupert, Kenneth E. Anderson
Posted Date: