What is Maria's and Javier's qualified business income? $ b. What is Maria's and Javier's qualified business income if MarJa had $392,280 of ordinary income after reporting $168,120 in guaranteed payments to Maria and Javier ($84,060 each)?
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Maria and Javier are the equal partners in MarJa, a
a. What is Maria's and Javier's qualified business income?
$
b. What is Maria's and Javier's qualified business income if MarJa had $392,280 of ordinary income after reporting $168,120 in guaranteed payments to Maria and Javier ($84,060 each)?
$
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- Maria and Javier are the equal partners in MarJa, a partnership that is a qualified trade or business. In the current year, Marja had $328,200 of ordinary income after reporting $393,840 in guaranteed payments to Maria and Javier for their services to MarJa ($196,920 each). a. What is Maria's and Javier's qualified business income? b. What is Maria's and Javier's qualified business income if MarJa had $459,480 of ordinary income after reporting $196,920 in guaranteed payments to Maria and Javier ($98,460 each)?Maria and Javier are the equal partners in MarJa, a partnership that is a qualifying trade or business. In the current year, MarJa had $350,000 of ordinary income after reporting $500,000 in guaranteed payments to Maria and Javier for their services to MarJa ($250,000 each). a. What is Maria's and Javier's qualified business income? b- What's Maria's and Javier's qualified business income if Marja had $550,000 of ordinary income after reporting $300,000 in guaranteed payments to Maria and Javier ($150,000 each)?Barry and Kurt are equal partners in the BK partnership. Barry receives a guaranteed payment of $57,000. In addition to the guaranteed payment, Barry withdraws $11,000 from the partnership. The partnership has $25,600 in ordinary income during the year. a. How much income must Barry report from the BK partnership? b. What is the effect of the distribution on Barry's partnership basis? a. income to Barry b. Barry's partnership basis
- Assume that ABC is now a partnership and in addition to the employee salaries, ABC paia $50,000 to Fred who is a limited partner as a guaranteed payment. It paid $60,000 to Wilma who is a general partner as a guaranteed payment. A) What is Fred's share of the partnership's ordinary income and EACH of the separately stated items? 3) What is Fred's self-employment income? C) What would be his qualified business income deduction on his individual return?In their partnership agreement, John, Roy, and Kim, have an income/loss distribution ratio of 4:2:1. How much would each of the three partners receive from an income of $168,000? John will get: $_____________; Roy: $ ____________; and Kin will receive:$ __________Carrie and Callie form a partnership in which Carrie contributes $85,000 in assets and agrees to devote half time to the partnership. Callie contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Carrie and Callie share in the division of income? In the ratio of:
- Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $65,200 and $29,200, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $45,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? a. $65,200 b. $29,200 c. $32,600 d. $45,000Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $69,100 and $30,800, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $42,500. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? Oa. $69,100 Оb. $30,800 Oc. $34,550 Od. $42,500 > Previous Next 3:23 PM 53°F Sunny 12/14/2021 a.Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. If Matthew’s capital account is credited for $2,000 as his share of the net income, how much net income did the partnership earn?
- Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $42,000 to Tanner and $60,000 to Teresa. Net income of the partnership is $132,000. How should income be divided for Tanner and Teresa? Oa. Tanner, 558,000, Teresa, $74,000 Ob. Tanner, $75,000; Teresa, $57,000 Oc. Tanner, $57,000, Teresa, $75,000 Od. Tunner, $62,000, Teresa, $70,000Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $43,500 to Tanner and $59,100 to Teresa. Net income of the partnership is $134,400. How should income be divided for Tanner and Teresa? a.Tanner, $64,700; Teresa, $69,700 b.Tanner, $59,700; Teresa, $74,700 c.Tanner, $60,700; Teresa, $73,700 d.Tanner, $74,700; Teresa, $59,700Peter and Paul are partners in a partnership. Their share of the partnership profits and losses are 60% and 40% respectively. Peter is a resident and Paul is a non-resident. In this income year, the partnership derived the following income: interest income from an Australian Bank Account: $30,000 interest income from an overseas bank account: $18,000 Calculate the net income of the partnership and explain how that amount will be allocated and assessed in the hands of Peter and Paul.