Question
Lisa is a 30% partner in Darlene's Deli. She is to receive a guaranteed payment of no less than $10,000. If the partnership's ordinary income
Lisa is a 30% partner in Darlene's Deli. She is to receive a guaranteed payment of no less than $10,000. If the partnership's ordinary income before deducting the guaranteed payment is $40,000, what is Lisa's distributive share?
a). $9,000
b). $10,000
c). $12,000
d). $22,000
Step by Step Solution
3.45 Rating (158 Votes )
There are 3 Steps involved in it
Step: 1
net income of partnership 40000 guaranteed ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
