Question
6. A and B are equal partners in the AB general partnership. They are both calendar year taxpayers. For its FYE 6/30/X8 AB had ordinary
6. A and B are equal partners in the AB general partnership. They are both calendar year taxpayers. For its FYE 6/30/X8 AB had ordinary income totaling $100,000. AB made a $40,000 guaranteed payment to A on 8/24/X7.
Determine the amount of income A must report and the proper tax year(s) of inclusion.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
