The PDQ Partnership earned ordinary income of $150,000 in 2015. The partnership has three equal partners, Pete,

Question:

The PDQ earned ordinary income of $150,000 in 2015. The has three equal partners, Pete, Donald, and Quint. Quint, who is single, uses the standard deduction, and has other income of $15,000 (not connected with the in 2015. He receives a $30,000 from the during the year. What is Quint’s taxable income in 2015?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...