Stephanie is a 40 percent partner in the SKY Partnership. During the current tax year, the partnership reported ordinary income of $210,000 before payment of guaranteed payments and distributions to partners. The partnership paid guaranteed payments to partners Stephanie, Kirsten, and Yule of $30,000 each ($90,000 total). How much will Stephanie's adjusted gross income increase as a result of the above items?
A. $88,000
B. $48,000
C. $78,000
D. $66,000
Answers: 3
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Stephanie is a 40 percent partner in the SKY Partnership. During the current tax year, the partnersh...
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