Individuals A and B carry on business through a partnership. A and B are both active in the business and share profits equally after partner salaries. In the current year the partnership paid salaries of $80,000 to A and $90,000 to B. The partnership reported net income of $160,000 after partner salaries. The net income includes a gain of $28,000 on the sale of non-depreciable capital property, $14,000 of eligible dividends, and a deduction of $2,000 for charitable donations. Determine A's share of business income to be included in their personal tax return.

Individuals A and B carry on business through a partnership. A and B are both active in the business and share profits equally after partner salaries. In the current year the partnership paid salaries of $80,000 to A and $90,000 to B. The partnership reported net income of $160,000 after partner salaries. The net income includes a gain of $28,000 on the sale of non-depreciable capital property, $14,000 of eligible dividends, and a deduction of $2,000 for charitable donations. Determine A's share of business income to be included in their personal tax return.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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