Question

Alice is a partner in Axel Partnership. Her share of the partnerships current ordinary business income was $100,000. She rec

0 0
Add a comment Improve this question Transcribed image text
Answer #1

The correct option is B i.e $30,400.

Cash received $60,000 - $29,600 tax [(100,000 - 20,000 Deduction of section 199A) * 37%] = $30,400.

Therefore, after-tax cash flow from the partnership this year = $30,400.

Add a comment
Know the answer?
Add Answer to:
Alice is a partner in Axel Partnership. Her share of the partnership's current ordinary business income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 8. Esterina had a basis in her partnership interest at the beginning of last year of...

    8. Esterina had a basis in her partnership interest at the beginning of last year of $25,000. There was no change in partnership liabilities during the year. Her share of the partnership's ordinary loss last year was $30,000 and the partnership had no separately stated items. This year, Esterina has a distributive share of ordinary income of $17.500. The taxable income from the partnership reported on Esterina's personal income tax return this year (ignoring the at-risk and passive activity loss...

  • Partnership Taxable Income Partner D is a 10 percent general partner in ABCD Partnership. The partnership’s...

    Partnership Taxable Income Partner D is a 10 percent general partner in ABCD Partnership. The partnership’s financial records for the current tax year reveal the following: Gross receipts from sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $820,000 Cost of sales . . . . . . . . . . ....

  • please answer the followinh question part a, b and c 0:47 Qualified Business Income Deduction-One Partnership....

    please answer the followinh question part a, b and c 0:47 Qualified Business Income Deduction-One Partnership. Kelly and Mark are a married couple that file a joint tax return. Kelly owns a 30% in a partnership that operates a retail business. Her share of partnership income is $180,000. Her allo- cable shares of W-2 wages paid by the partnership to its employees and unadjusted basis of qualified property are $50,000 and $1,000,000. Kelly and Mark's total taxable income for the...

  • In 2019, Dan contributed $10,000 to Partnership A. His share of ordinary business income was $2,000....

    In 2019, Dan contributed $10,000 to Partnership A. His share of ordinary business income was $2,000. His QBI deduction was $400. What is his basis at the end of the year? a) $2,000 b) $10,000 c) $11,600 d) $12,000

  • Partner Q is a partner in Partnership QRST. The partnership agreement states that Q’s share of...

    Partner Q is a partner in Partnership QRST. The partnership agreement states that Q’s share of income and losses is 30 percent. Q provides services to QRST. Both QRST and Q use a calendar year for tax purposes. The partnership’s financial records for the current year show: Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  $260,000...

  • for the tax year, OPQ partnership reported $42000 net ordinary income, $5000 intert income, $600 charitable...

    for the tax year, OPQ partnership reported $42000 net ordinary income, $5000 intert income, $600 charitable contribution, and $18000 179 deduction. Pat is a general partner who owns a 20% interest in OPQ. In addition to her share of ordinary income, she received a $12000 guaranteed payment and had a $0 of distributions during the year. what is the amount of Play's self employment income from OPQ?

  • Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Ju...

    Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Just before the sale, Shauna's basis in her entire partnership interest is $150,000, including her $60,000 share of the partnership liabilities. SH's assets on the sale date are as follows: Assets Basis FMV Cash $80,000 $80,000 Inventory 60,000 $180,000 Land held for investment 160,000 100,000 Total $300,000 $360,000 What is the amount and character of Shauna's gain or loss...

  • Question 2 2 pts Amanda's share of partnership ordinary income is $220,000. Amanda, single, also earns...

    Question 2 2 pts Amanda's share of partnership ordinary income is $220,000. Amanda, single, also earns $50,000 interest income from corporate bond investments. How much self-employment tax must Amanda pay with regard to the $220,000 partnership ordinary income and $50,000 interest income received? O $22,372 O $23,711 O $31,085 o $41,310

  • Based only on the example provided, fil out the form below with the ordinary income and...

    Based only on the example provided, fil out the form below with the ordinary income and the three items that must be reported separately [6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...

  • Question 20 of 75. For the tax year, OPQ Partnership reported $42,000 net ordinary income, $5,000...

    Question 20 of 75. For the tax year, OPQ Partnership reported $42,000 net ordinary income, $5,000 interest income, $600 charitable contribution, and $18,000 $179 deduction. Pat is a general partner who guaranteed payment and S0 distributions during the year. What is the amount of Pat's self-employment income from owns a 20% interest in OPQ. She received a $12,000 OPQ? $4,680 O $4,800 O $8,400 o $16,800

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT