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erry and Jean are equal partners in Band Aid Company, a business that helps supply instruments to high school bands. They have a June 30
erry and Jean are equal partners in Band Aid Company, a business that helps supply instruments to high school bands. They have a June 30 year-end because high schools are generally closed by June 30. From July 1, 2021, to December 31, 2021, Jerry received a guaranteed payment of $1,000 a month. From January 1, 2022, to June 30, 2022, he received a guaranteed payment of $2,000 a month. The partnership had ordinary income of $50,000 for the fiscal year ending June 30, 2022, before deducting guaranteed payments. What does Jerry report in his 2022 personal return as self-employment income? a. $34,000 b. $16,000 c. $18,000 d. $25,000
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