Business, 11.03.2022 05:40 diazemerson
Kristie is a 30% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $280,000 and a charitable contribution of $30,000. The partnership paid office expenses of $80,000. In addition, KKM distributed $20,000 each to partners Kaylyn and Megan, and the partnership paid partner Kaylyn $20,000 (guaranteed payments) for administrative services. Kristie reports the following items from KKM during the current tax year:
a. $54,000 ordinary income; $9,000 charitable contribution.
b. $60,000 ordinary income; $9,000 charitable contribution.
c. $36,000 ordinary income.
d. $54,000 ordinary income.
e. None of the above.
Answers: 1
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Kristie is a 30% partner in the KKM Partnership. During the current year, KKM reported gross receipt...
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