Question
(5 points) During the current year, TAZ Partnership reported the following items or receipts and expenditures: Sales $100,000 Utilities 5,000 Rent expense 15,000 Salaries to
(5 points) During the current year, TAZ Partnership reported the following items or receipts and expenditures:
Sales $100,000
Utilities 5,000
Rent expense 15,000
Salaries to employees 30,000
Guaranteed payment to partner, Zoe 20,000
Taxable interest income 2,00
Distribution to partner, Tony 6,000
Compute the non-separately-stated income of the partnership for the year.
Tony, a 40% partner, has a beginning A/B in his partnership interest of $14,000.
What is his ending basis for the year?
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Financial Accounting Information For Decisions
Authors: Robert W. Ingram, Bruce Baldwin
4th Edition
0324069545, 978-0324069549
