A limited partnership agreement provides for the following profit allocation formula: 20% of the first $1,000,000 of profit, 25% of the next $1,000,000 of profit, and 30% of profit over $2,000,000 shall be allocated to the general partner. Each limited partner and the general partner shall share equally in the remaining profit based on their relative percentages of ownership. What profit amount should be allocated to a limited partner with 3% ownership if the total profit to be allocated is $4,500,000

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?