Business, 21.04.2020 21:51 amandaelisantos

This year, the Tastee Partnership reported income before guaranteed payments of $252,500. Stella owns a 85% profits interest and works 1,860 hours per year in the business. Euclid owns a 15% profits interest (with a basis of $30,000 at the beginning of the tax year) and performs no services for the partnership during the year. For services performed during the year, Stella receives a "salary" of $12,625 per month. Euclid withdrew $25,250 from the partnership during the year as a normal distribution of cash from Tastee (i. e., not for services). If required, round your answers to the nearest dollar. a. What is the amount of guaranteed payments made by the partnership this year

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This year, the Tastee Partnership reported income before guaranteed payments of $252,500. Stella own...

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