M and mrs v are self-employed professional musicians

Reference no: EM13590769

Mr. and Mrs. V are self-employed professional musicians. Their average annual income from performance fees and music lessons is $130,000. The couple wants to shift income to their two children, ages 19 and 22. Can Mr. and Mrs. V organize their music business as a family partnership and give each child a 25 percent interest?

Reference no: EM13590769

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