Angie and Cole operate a successful accounting business as a general partnership. Their partnership agreement specifies that they would share equally in the profits and losses of the business. During the last fiscal year, Angie received regular bi-weekly cheques in the amount of $2,000, for a total of $52,000. At the end of the year, she received an additional cash distribution of $30,000. Over the course of the last fiscal year, the business realized a profit of $152,000. How much income does Angie have to report for tax purposes from the partnership? O a) $52,000 O b) $76,000 O c) $82,000 • d) $158,000

Angie and Cole operate a successful accounting business as a general partnership. Their partnership agreement specifies that they would share equally in the profits and losses of the business. During the last fiscal year, Angie received regular bi-weekly cheques in the amount of $2,000, for a total of $52,000. At the end of the year, she received an additional cash distribution of $30,000. Over the course of the last fiscal year, the business realized a profit of $152,000. How much income does Angie have to report for tax purposes from the partnership? O a) $52,000 O b) $76,000 O c) $82,000 • d) $158,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 24P

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