Question
THE AB PARTNERSHIP IS OWNED EQUALLY BY TERRY AND SUE. AB IS A CALENDAR YEAR PARTNERSHIP. SUE BORROWS 200,000 FROM AB AND USES THE PROCEED
THE AB PARTNERSHIP IS OWNED EQUALLY BY TERRY AND SUE. AB IS A CALENDAR YEAR PARTNERSHIP. SUE BORROWS 200,000 FROM AB AND USES THE PROCEED IN A PASSIVE ACTIVITY. SUE PAYS 20,000 IN INTEREST TO THE PARTNERSHIP. TERRY AND SUE HAVE 10,000 INTEREST INCOME. WHAT IS SUE INTEREST INCOME FOR PASSIVE ACTIVITY GROSS INCOME
5000
10000
20000
30000
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, Maureen Sterling
7th Canadian Edition
1260065952, 978-1260065954
