Allan and Joe are partners in a calendar year partnership.For 2020 the partnership's ordinary income is $90,000

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Allan and Joe are partners in a calendar year partnership.For 2020 the partnership's ordinary income is $90,000 after subtracting guaranteed payments.Each partner received guaranteed payments of $4,000 per month.If Allan and Joe share capital, income and losses (80% to Allan and 20% to Joe), what are the amounts each partner would report on their 1040 for 2020 from this partnership?How much would they each have in self-employment income?

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Posted Date: Jun 28, 2024 11:54 AM

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Allan and Joe are partners in a calendar year partnership.For 2020 the partnership's ordinary income is $90,000

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