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)?

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)?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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