Albert is a 50% partner in STL Partnership. He received a guaranteed payment (GP) of $20,000...

Transcribed Image Text:

Albert is a 50% partner in STL Partnership. He received a guaranteed payment (GP) of $20,000 for the current year and is the only partner that receives a GP. Prior to the year, his basis was $15,000 and the partnership has no liabilities, and no partners took a distribution. The following events happened with respect to Angels for the year: Sales COGS $120,000 70,000 Selling expenses 10,000 20,000 Alberts G.P. a. What would Albert's share of income be for the current year? STL b. What would Albert's Net Earnings from SE be for the current year? c. What would Albert's basis be in his partnership interest at the end of the year? Albert is a 50% partner in STL Partnership. He received a guaranteed payment (GP) of $20,000 for the current year and is the only partner that receives a GP. Prior to the year, his basis was $15,000 and the partnership has no liabilities, and no partners took a distribution. The following events happened with respect to Angels for the year: Sales COGS $120,000 70,000 Selling expenses 10,000 20,000 Alberts G.P. a. What would Albert's share of income be for the current year? STL b. What would Albert's Net Earnings from SE be for the current year? c. What would Albert's basis be in his partnership interest at the end of the year?