Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sue is a 50% partner in a coffee kiosk. Per the partnership agreement, Sue received a guaranteed payment for this year of $20,000 for the

Sue is a 50% partner in a coffee kiosk. Per the partnership agreement, Sue received a guaranteed payment for this year of $20,000 for the work that she did running the coffee shop. She also took a cash distribution of $5,000. The ordinary income for the partnership on Schedule K, line 1 is $86,400. On Sue's partnership Schedule K-1, what amount should be included in box 14?

$25,000
$47,200
$63,200
$68,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions