Mary is a 25% partner. She is to receive 25% of the partnership income, but no less than $10,000.  If the net income of the partnership is %50,000, what amount can the partnership deduct as a guaranteed payment to Mary? (a) $0, (b) $2,500, (c) $10,000, (d) $12,500

Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Yolanda? Oa. $77,000 Ob. $36,000 Oc. $44,000 Od. $38,000

Ann, Beth, Chris and Dan are equal partners in the ABCD. They have agreed that all items of partnership income, gain, loss and deduction will be split equally between them. In addition, since Ann is expected to be rendering the majority of the services on behalf of the partnership, the partners have agreed that she will receive $3,000 per month in addition to her 25% distributive share. For the year 2020, the partnership had short-term capital loss of $28,000, long-term capital gain of $54,000 and bottom line ordinary income (before considering the additional payments to Ann) of $21,000. What is the amount and character of partnership income and loss that Ann, Beth, Chris and Dan must include from the ABCD partnership on their 2020 income tax returns?

Xavier and Yolanda have original investments of $51,500 and $100,100, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $27,200 and $29,600, respectively; and the remainder to be divided equally. How much of the net income of $114, 400 is allocated to Xavier? a. $37,500 b. $61, 368 с. $51,140 d. $27,200