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.
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 48P
Related questions
Question
100%
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.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT