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Problem 1: Kristie is a 30% partner in KKM Partnership. During the current year, KKM reported gross receipts of $280,000 and charitable contributions of $30,000. The partnership paid off expenses of $80,000. In addition, KKM distributed $20,000 to the partners Kaylin and Megan, and the partnership paid Kaylin $20,000 for administrative services. What income does Kristie reports the following items from KKM during the current year?:
a. $54,000 ordinary income; $9,000 charitable contribution.b. $60,000 ordinary income; $9,000 charitable contribution.c. $36,000 ordinary income.d. $54,000 ordinary income.
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