Business tax ch 10

QUESTION 22 Salix Associates is a partnership with an October 31 year-end. For the fiscal year ended October 31, 2018, Salix Associates reported ordinary income of $100,000, after deducting guaranteed payments. Max, a calendar year taxpayer, is a 30 percent partner in the partnership and received $2,000 monthly as a guaranteed payment for the calendar year 2017, and $2,100 monthly for the calendar year 2018. What is the total income from the partnership that Max should report on his 2018 individual income tax return? a. $55,200 b. $30,000 C. None of the above d. $54,200 e. $55.000 QUESTION 23