During the current year, TAZ Partnership reported the following items or receipts and expenditures: Sales                                                           $100,000 Utilities                                                              5,000   Rent expense                                                  15,000 Salaries to employees                                   30,000 Guaranteed payment to partner, Zoe        20,000 Taxable interest income                                 2,00    Distribution to partner, Tony                         6,000   Compute the non-separately-stated income of the partnership for the year.   Tony, a 40% partner, has a beginning A/B in his partnership interest of $14,000. What is his ending basis for the year?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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During the current year, TAZ Partnership reported the following items or receipts and expenditures:

Sales                                                           $100,000

Utilities                                                              5,000

  Rent expense                                                  15,000

Salaries to employees                                   30,000

Guaranteed payment to partner, Zoe        20,000

Taxable interest income                                 2,00

   Distribution to partner, Tony                         6,000

 

Compute the non-separately-stated income of the partnership for the year.

 

Tony, a 40% partner, has a beginning A/B in his partnership interest of $14,000.

What is his ending basis for the year?

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