Mercedes share of income from the partnership for the current year is

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6CPA
icon
Related questions
Question

Hw.58.

 

Mercedes a calendar year tax payer is a 40% general partner in a calendar year cash basis partnership. For the current year department should receive 160,000 gross revenues from services rendered and paid the following amounts: we expense 28,500 salary to employees 53 800 guaranteed payment to Mercedes 33,300 cash distributions to partner 18,000 payment for accounting services 7200. Mercedes share of income from the partnership for the current year is

A. 33300

B. 40980

C. 14880

D. 48180

Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage