Mark for follow up Question 36 of 75. Under a partnership agreement, Vivian Burnett is to receive 25% of the partnership's income, but not less than $12,000. The partnership's net income for this year was $36,000. What amount can the partnership deduct as a guaranteed payment and what amount of income is Vivian required to report on her individual tax return? Partnership deduction: $3,000. Vivian's income: $12,000 Partnership deduction: $3,000. Vivian's income: $21,000. Partnership deduction: $12,000. Vivian's income:$9,000 Partnership deduction: $12,000. Vivian's income $21,000. Mark for follow up deduction Question 37 of 75. Partnerships should report information regarding each trade or business of the partnership and: O Reduce the ordinary income on page 1. Form 1065 for any non-specified businesses for the Qualified Business Income Report on Schedule K-1, line 20, and provide specific information to the partners of their share of Qualified Business Income items O Make an adjustment on the partnership's Schedule M-2 for the Qualified Business Income that will be a deduction to the partner's accounts. O Provide information on the partnership's Schedule K, page 4 of Form 1065 that will reduce ordinary income by 20%. Mark for follow up Back Save / Return Later Summary Next >>