Explain the tax implications of steve and mari

Reference no: EM133412627

Question: Steve and Mark are partners in a partnership running a real state agency. They share pro?ts and losses equally under the partnership agreement. In addition, Steve receives salaries of $50,000 every year from the partnership for taking on the daily management role in the agency. in this income year, the partnership makes a loss of $75,000 after deducting the salaries paid to Steve.

Required: Explain the tax implications of Steve and Mari: in this income year. (Maximum 200 words)

Reference no: EM133412627

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