Question
For the year ending December 31,2018 the PU Partnership has correctly computed its Net Business income to be $213,000. The Partnership agreement calls for all
For the year ending December 31,2018 the PU Partnership has correctly computed its Net Business income to be $213,000. The Partnership agreement calls for all allocations to Partner P Partner U to be on a 40:60 basis. Partner P and U are both individuals.
In determining the Net Business income amount, the partnership accountant added back $4,200 in charitable donation and $900 in contributions to a registered political party. In addition,$ 2,700 in eligible dividends received were deducted. The partners have made no charitable donations or political contributions as individuals.
Required:
Determine the amount of ant tax credits that will be available to Partner P Partner U for the year ending December 31,2018.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
