Question
Hunter (a 37% taxpayer) and Nan (a 25% taxpayer) form a partnership. Hunter contributes $16640 cash as partnership capital and receives 80% partnership interest. Nan
Hunter (a 37% taxpayer) and Nan (a 25% taxpayer) form a partnership. Hunter contributes $16640 cash as partnership capital and receives 80% partnership interest. Nan contributes cash $4160 as partnership capital and receives 20% partnership interest. The partnership made $650 income from providing services, $220 long-term capital gain, and makes charitable contribution $180.
What is Hunter's share of the ordinary income?
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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
