Jason is a 5% limited partner in Groundbreaking Technology Partnership. He also serves as the partnership's chief marketing director. This year, he received a guaranteed payment of $85,000 for his services as marketing director. His share of the partnership's business income was $3,500. What is the total amount that will be reported as net earnings from self-employment in box 14 of Jason's Schedule K-1 (Form 1065)? $3,500 $81,500 $85,000 $88,500
Jason is a 5% limited partner in Groundbreaking Technology Partnership. He also serves as the partnership's chief marketing director. This year, he received a guaranteed payment of $85,000 for his services as marketing director. His share of the partnership's business income was $3,500. What is the total amount that will be reported as net earnings from self-employment in box 14 of Jason's Schedule K-1 (Form 1065)? $3,500 $81,500 $85,000 $88,500
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
Related questions
Question
Jason is a 5% limited partner in Groundbreaking Technology Partnership. He also serves as the partnership's chief marketing director. This year, he received a guaranteed payment of $85,000 for his
$3,500
$81,500
$85,000
$88,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT