Maria and Javier are the equal partners in MarJa, a partnership that is a qualified trade or business. In the current year, MarJa had $376,200 of ordinary income after reporting $451,440 in guaranteed payments to Maria and Javier for their services to MarJa ($225,720 each). a. What is Maria's and Javier's qualified business income? b. What is Maria's and Javier's qualified business income if MarJa had $526,680 of ordinary income after reporting $225,720 in guaranteed payments to Maria and Javier ($112,860 each)?

Steve & Jeannine own an auto parts retail store which operates as a partnership. For the year, the partnership generated $250,000 of qualified business income. The partnership has depreciable property of $150,000 and W-2 wages of $90,000. They file MFJ and their taxable income is $500,000. What is their QBID?

Nancy Finch has been operating an apartment-locator service as a sole proprietorship. She and Melissa Michaels have decided to form a partnership. Finch's contribution consists of Cash, $3,000; Accounts Receivable $9,000; Fumiture, $13,000; Building (net), $58,000; and Notes Payable, $21,000. To determine Finch's equity in the partnership, she and Michaels hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market value of $96,000. Also, there are additional Accounts Payable of $10,000 that Finch will contribute. Michaels will contribute cash equal to Finch's equity in the partnership. Read the requirements ge Requirement 1. Journalize the entry on the partnership books to record Finch's contribution. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ur - X Date Accounts and Explanation Debit Credit Requirements 1. Journalize the entry on…

Jason owns stock (basis $4,400), land (basis $2,300), and a partnership interest (basis $15,700). In the current year, Jason decides to sell the land for $3,800 and the partnership interest for $20,100. What is Jason's reportable income? Reportable income +A $ 23,900