Answered step by step
Verified Expert Solution
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
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