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How will each item flow through and be taxed

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Question - Two partners - Each invest 10k capital. Partner A loans 100k and third party loans 110k. Third party loan is guaranteed by both. Year X1 60k ordinary income. 75k guarantee payment to partner B not included. STCL 5k, charity 2k, business earned interest income 3k. Year X2 ordinary income 42k including guaranteed payment to partner B. CG 2.5k, charity 3.5k, business earned interest income 2.5k, 12k paid on loan from Partner A, 6k paid to third party loan, distribution of 3k to each partner. How will each item flow through and be taxed if general partnership and how if limited partnership (partner A general and partner B limited).

Reference no: EM133132265

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