Homework Answers
| Items | Amount | Remarks |
| Guaranteed payments | $ 0 | Guaranteed payments received from partnership should not be conidered for QBI (Qualified Business Income). |
| Share of ordinary income | $ 225,000 | |
| Long term capital gains | $ 0 | Any capital gains or losses should not be conidered for QBI (Qualified Business Income). |
| Qualified Business Income | $ 225,000 | |
| Option A is Correct option. | $ 225,000 |
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QUESTION 35 Kate is a partner in, and manager of KT Partners, a domestic business that...
Danielle is a partner in and sales manager for Do Partners, a domestic business that is...
Danielle is a partner in and sales manager for Do Partners, a domestic business that is not a specified service trade or business. During the tax year, she receives quaranteed payments of $250,000 from DG Partners for her services to the partnership as its sales manager. In addition, her distributive share of DG Partners ordinary income its only item of income or foss) was $175.000. What is Danielle's qualified business income a $175,000 b. $250,000 GC $425,000 De None of...
QUESTION 1 Partner D was given (by his mother) his 20% interest in a business in...
QUESTION 1 Partner D was given (by his mother) his 20% interest in a business in which capital is not a material income- producing factor, resulting in a partnership in which D and his mother are the only partners. The partnership agreement states that D will get a distributive share of 20% of the partnership income, but his mother has capital of $360,000 in the partnership, and D's capital (given to him by his mother) was $40,000. The income of...
In determining a partner's income tax for the year, a partner must take into account separately...
In determining a partner's income tax for the year, a partner must take into account separately his or her distributive share of all of the following partnership items whether or not they are actually distributed. 1. Net income from real estate. 2. Charitable contributions. 3. Gains and losses from sales or exchanges of capital assets. 4. Ordinary income or loss from trade or business activities. a True b False
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall general partnership. In addition to their normal share of the partnership's annual income, James and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewall's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall...
Based only on the example provided, fil out the form below with the ordinary income and...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
Sam and Jane Hill, both age 35, are married filing a joint return. Jane is employed...
Sam and Jane Hill, both age 35, are married filing a joint return. Jane is employed full time and Sam is a part owner in several local businesses. They have contacted you inquiring about the Section 199A qualified business income (QBI) deduction. They have provided information for their Year 1 business income in the exhibit above. Sam and Jane do not elect to aggregate any of the qualifying businesses. Their only other income in Year 1 is Jane's salary of...
Danielle is a partner in and sales manager for Do Partners, a domestic business that is not a specified service trade or business. During the tax year, she receives quaranteed payments of $250,000 from DG Partners for her services to the partnership as its sales manager. In addition, her distributive share of DG Partners ordinary income its only item of income or foss) was $175.000. What is Danielle's qualified business income a $175,000 b. $250,000 GC $425,000 De None of...
QUESTION 1 Partner D was given (by his mother) his 20% interest in a business in which capital is not a material income- producing factor, resulting in a partnership in which D and his mother are the only partners. The partnership agreement states that D will get a distributive share of 20% of the partnership income, but his mother has capital of $360,000 in the partnership, and D's capital (given to him by his mother) was $40,000. The income of...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall general partnership. In addition to their normal share of the partnership's annual income, James and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewall's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
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