Hunter (a 37% taxpayer) and Nan (a 25% taxpayer) form a partnership. Hunter contributes $16640 cash as
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Hunter (a 37% taxpayer) and Nan (a 25% taxpayer) form a partnership. Hunter contributes $16640 cash as partnership capital and receives 80% partnership interest. Nan contributes cash $4160 as partnership capital and receives 20% partnership interest. The partnership made $650 income from providing services, $220 long-term capital gain, and makes charitable contribution $180.
What is Hunter's share of the ordinary income?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: