Stephanie is a 40% partner in the SKY Partnership. During the current tax year, the partnership reported ordinary income of $210,000 before payment of guaranteed payments and distributions to partners. The partnership made an ordinary cash distribution of $30,000 to Stephanie and paid guaranteed payments to partners Stephanie, Kirsten, and Yule of $30,000 each ($90,000 total). What is Stephanie's share of the partnership's income? A. $88,000
B. $48,000
C. $78,000
D. $66,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Stephanie is a 40% partner in the SKY Partnership. During the current tax year, the partnership reported ordinary income of $210,000 before ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sidney took a $400 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee on the amount borrowed and offers no grace period on cash advances.
Answers (1)
Which of the following is not a requirement for an asset to be depreciable? (a) It must have a life longer than 1 year. (b) It must have a basis (initial purchase plus installation cost) greater than $1,000.
Answers (1)
Saguaro Company updates its inventory perpetually. Its beginning inventory is $70,000, goods purchased during the period cost $240,000, and the cost of goods sold for the period is $280,000. What is the amount of the ending inventory
Answers (1)
1. If f (x) = - 3x+8, find f (5).
Answers (2)
Determine the chronology of the following events. the Swiss Delmonico brothers opened a cafe and pastry shop in New York City The City Hotel opened in New York City the Swiss Delmonico brothers opened the first restaurant in New York The Buffalo
Answers (1)
New Questions in Business
Property, plant, and equipment and intangible assets are
Answers (1)
Beridze manufacturing expects to produce 2,400 units in january and 3,700 units in february. beridze budgets $45 per unit for direct materials.
Answers (1)
In organizations where a majority of workers perform repetitive operations, there is often a lack of ... Group of answer choices a management hierarchy. administrative oversight. purpose. job security.
Answers (1)
Independence Corporation reported beginning and ending total assets of $ 18 comma 000 and $ 28 comma 000 , respectively. Its net sales for the year were $ 21 comma 850. What was Independence 's asset turnover ratio?
Answers (1)
if your daughter wants to earn $215,000 within the next twenty-three years and salaries grow at 4.45% per year, at what salary should she start to reach her goal?
Answers (1)