Guaranteed payments made by a partnership to partners for services rendered to the partnership, that are deductible business expenses under the Internal Revenue Code, are:   1. Deductible expenses on the U.S. Partnership Return of Income, Form 1065, in order to arrive at partnership income (loss).   II. Included on schedules K-1 to be taxed as ordinary income to the partners.   A. I only.   OB. II only.   OC. Both I and II.   OD. Neither I nor II.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Guaranteed payments made by a partnership to partners for services rendered to the partnership, that are deductible business expenses under the Internal Revenue Code, are:

 

1. Deductible expenses on the U.S. Partnership Return of Income, Form 1065, in order to arrive at partnership income (loss).

 

II. Included on schedules K-1 to be taxed as ordinary income to the partners.

 

A. I only.

 

OB. II only.

 

OC. Both I and II.

 

OD. Neither I nor II.

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