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O Reduce the ordinary income on page 1. Form 1065 IU any non Deduction Report on Schedule K-1, line 20, and provide specific information to
O Reduce the ordinary income on page 1. Form 1065 IU any non Deduction Report on Schedule K-1, line 20, and provide specific information to the partners of their share of Qualified Business Income tems. O Make an adjustment on the partnership's Schedule M-2 for the Qualified Business Income that will be a deduction to the artner'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 Question 33 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20,000. If the partnership's ordinary income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? O $15,000 $20,000 $25,000 $35,000 Mark for follow up Question 34 of 75. Which statement regarding book capital accounts and the tax capital account is incorrect? Both can have a negative balance. The book capital account and the tax capital account may vary due to depreciation. The book capital account reflects adjusted basis while the tax capital account reflects the fair market value. a revaluation of assets
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