guaranteed payments made by a partnership to partners for services rendered to the partnership, that are deductible business expenses under the IRC code are: 1. Deductible expenses on the U.S. partnership return of income, form 1065 inorder to arrive at partnership income(loss). 2. Included on schedules K-1 to be taxed as ordinary income to the partners. 1 only 2 only Both 1 and 2 Neither 1 nor 2
guaranteed payments made by a partnership to partners for services rendered to the partnership, that are deductible business expenses under the IRC code are: 1. Deductible expenses on the U.S. partnership return of income, form 1065 inorder to arrive at partnership income(loss). 2. Included on schedules K-1 to be taxed as ordinary income to the partners. 1 only 2 only Both 1 and 2 Neither 1 nor 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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guaranteed payments made by a
1. Deductible expenses on the U.S. partnership return of income, form 1065 inorder to arrive at partnership income(loss).
2. Included on schedules K-1 to be taxed as ordinary income to the partners.
1 only
2 only
Both 1 and 2
Neither 1 nor 2
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