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Nick, Chris, Stacey, and Mike are each 25% partners in Liberty Partnership, a general partnership. During the current year, the partnership had revenues of $300,000
Nick, Chris, Stacey, and Mike are each 25% partners in Liberty Partnership, a general partnership. During the current year, the partnership had revenues of $300,000 and nonseparately stated business expenses of $100,000, including a guaranteed payment of $30,000 to Nick for services provided to the partnership. Also, during the current year, the partnership had interest income of $10,000 and charitable contributions of $16,000. With regard to activity in the partnership, what should Stacey report on her income tax return for the current year
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