Question
Adam, Kelly and Alex formed the AKA Partnership, agreeing to share profits and losses equally. Adam will manage the business for which he will receive
Adam, Kelly and Alex formed the AKA Partnership, agreeing to share profits and losses equally. Adam will manage the business for which he will receive a guaranteed payment of $30,000 per year. Business activity for the year was as follows:
| Net income from operations (before guaranteed payment) | $ 480,000 |
|---|---|
| Guaranteed payment to Adam | 30,000 |
Kelly is unmarried without dependents, has no other income, and has $13,000 itemized deductions. How much is Kelly's taxable income, if any?
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Auditing Diversity In Library Collections
Authors: Rosalind Washington, Sarah Voels
1st Edition
1440878749, 978-1440878749
