Wayne gross income from the partnership

Assignment Help Accounting Basics

Reference no: EM13159673

Wayne owns a 25% interest in the capital and profits of Emerald Company (a calendar year partnership). For tax year 2010, the partnership earned revenue of $500,000 and had operating expenses of $200,000. During the year, Wayne withdrew from the partnership a total of $64,000. He also invested an additional $20,000 in the partnership. For 2010, Wayne's gross income from the partnership is:

1. $44,000.

2. $75,000.

3. $55,000.

4. $64,000.

5. None of the above.

Reference no: EM13159673

Questions Cloud

Nontaxable stock dividends : Nontaxable stock dividends result in: a. A higher cost per share for all shares than before the stock dividend. b. A lower cost per share for all shares than before the stock dividend.

Awareness of oppression-arousing sympathy of supporters : By creating awareness of oppression and arousing sympathy of supporters, the arts can be a form of protest. Identify and describe an example of how either black slaves or white abolitionists used the arts as a form of protest against slavery.

Briefly explain why hydrogen atoms in methane : Briefly explain why hydrogen atoms in methane are all in equivalent positions? B. Briefly explain why there are no structural isomers of propane (c3h8)

Future of religion in the developing world : What is the future of religion in the developing world? Do you think it will help or hinder economic growth?

Wayne gross income from the partnership : For tax year 2010, the partnership earned revenue of $500,000 and had operating expenses of $200,000. During the year, Wayne withdrew from the partnership a total of $64,000. He also invested an additional $20,000 in the partnership. For 2010, Way..

Determine the probability using the normal model : Use the normal model to determine the probability that a wide receiver gained 325 yards or less in the 2006 season.

Grant proposal assignment : Write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea (village) of a developing country of your choice.

Function that finds the smallest element : Function that finds the smallest element in an array of double values using the following header: double min(double array[], int size)

Treating transaction of schedule : Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent at $900 per month, Jerry provided the following items and services for Paul, the owner of the apartments: How should Paul treat this trans..

User Account

All Pages