Multiple Choice
Ben is a 30% partner in a partnership.The partnership guarantees Ben payments of $25,000 for the year.If the partnership has ordinary income of $15,000 before adjustment for the guaranteed payment,Ben must report
A) ordinary income of $22,000.
B) an ordinary loss of $3,000.
C) ordinary income of $25,000 and a partnership income of $4,500.
D) ordinary income of $25,000 and a partnership loss of $3,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: In a limited partnership,the limited partners are
Q3: Gains on sales or exchanges between a
Q4: When a partnership interest is sold,ordinary income
Q5: Ariel receives from her partnership a
Q6: Scott provides accounting services worth $40,000 to
Q7: John contributes land having $110,000 FMV and
Q8: Bryan Corporation,an S corporation since its
Q9: A contribution of services to a partnership
Q10: Separately stated items are allocated to the
Q11: Trixt Inc.,an S corporation,reports the following