Calculate joses gross income from the partnership

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Reference no: EM13121647

Q. José, a cash method taxpayer, is prater in J&T accounting services, a calendar year partnership. Under the partnership agreement, José is to receive 25% of the partnership's profits and loosed. Each partner is allowed to withdraw $8000 each month for his or her living expenses. José withdrew $96000 during the year as his monthly draw in 2005. In February of each year, the partnership computes its net profit and decides explain how much should be retained in the business. The balance of the earnings is distributed to the partners in early march. In March 2005, José received $25000 as a distribution of 2004 profits, and in March 2006, José received $30000 as his share of distributed 2005 profits. The partnership earnings before partners' withdrawals for 2005 totaled $484000. Compute José's gross income from the partnership from the above for 2005.

Reference no: EM13121647

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