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Problem - Peter, a 25% partner in Gold & Stein Partnership, received a $20,000 guaranteed payment in the current year for deductible services rendered to the partnership. Guaranteed payments were not made to any other partner. Gold & Stein's current-year partnership income consisted of:
Net business income before guaranteed payments $80,000
Net long-term capital gains 10,000
Required - What amount of income should Peter report from Gold & Stein Partnership on his current-year tax return?
a. $37,500
b. $27,500
c. $22,500
d. $20,000
Compute the ending inventory, assuming that gross profit is 42% of sales, gross profit is 60% of cost, gross profit is 32% of sales
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