How much income must report from partnership, Accounting Basics

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How much income must report from partnership

Response to the following problem:

Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $55,000. In addition to the guaranteed payment, Barry withdraws $10,000 from the partnership. The partnership has $24,000 in ordinary income during the year.

a. How much income must Barry report from BK Partnership?

b. What is the effect on Barrys partnership basis?

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Accounting Basics: How much income must report from partnership

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