49. The taxpayer owns an interest in a partnership that issued them a 1065 K-1 they do not actively participate in the partnership the taxpayer files single and has an adjusted growth gross income of $350,000 is the following statement true regarding their partnership income. A. Royalties received by the partnership and reported on the partner's 1065 K-1 box 7 should be reported on page one of the schedule E. B. The taxpayer received quarterly distribution from the partnership that are listed in box 19 on the 1065 K-1 these distributions are not reported on the taxpayer federal income tax return in the current year.
49. The taxpayer owns an interest in a partnership that issued them a 1065 K-1 they do not actively participate in the partnership the taxpayer files single and has an adjusted growth gross income of $350,000 is the following statement true regarding their partnership income. A. Royalties received by the partnership and reported on the partner's 1065 K-1 box 7 should be reported on page one of the schedule E. B. The taxpayer received quarterly distribution from the partnership that are listed in box 19 on the 1065 K-1 these distributions are not reported on the taxpayer federal income tax return in the current year.
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6CPA
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49. The taxpayer owns an interest in a partnership that issued them a 1065 K-1 they do not actively participate in the partnership the taxpayer files single and has an adjusted growth gross income of $350,000 is the following statement true regarding their partnership income.
A. Royalties received by the partnership and reported on the partner's 1065 K-1 box 7 should be reported on page one of the schedule E.
B. The taxpayer received quarterly distribution from the partnership that are listed in box 19 on the 1065 K-1 these distributions are not reported on the taxpayer federal income tax return in the current year.
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