In January of this year, Anna, a calendar-year taxpayer, receives a $60,000 guaranteed payment from DEF Partnership. DEF deducted the payment during its tax year ending November 30 of last year. What tax year must Anna report her guaranteed payment in?

Last year She does not need to report guaraenteed payments on her retun She may elect either year Current year

On January 2 of the current year, Collin and Thomas contribute cash equally to form the XY Partnership. Collin and Thomas share profits and losses in a ratio of 75% and 25%, respectively. The partnership's ordinary income for the year was $50,000. Collin received a distribution of $5,000 during the year. What is Collin's share of taxable income for the year?

$37,500 $12,500 $40,000 $5,000 None of these.