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How much income must barry report from bk partnership

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Reference no: EM133147100

Question - Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $65,000. In addition to the guaranteed payment, Barry withdraws $15,000 from the partnership. The partnership has $32,000 in ordinary income during the year.

Required -

a. How much income must Barry report from BK Partnership?

b. What is the effect of the distribution on Barry's partnership basis?

Reference no: EM133147100

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