Maria is a calendar-year taxpayer who owns a 40% interest in LMN Partnership, which uses a June 30 fiscal year-end. LMN Partnership had $180,000 of ordinary income for the year ended June 30, 2024, and $210,000 of ordinary income for the year ended June 30, 2025. On November 15, 2024, Maria withdrew $75,000 from the partnership when her basis in the partnership was $165,000. What amount should Maria report on her 2024 tax return as ordinary income from LMN Partnership? a. $72,000 b. $84,000 c. $75,000 d. $96,000

Maria is a calendar-year taxpayer who owns a 40% interest in LMN Partnership, which uses a June 30 fiscal year-end. LMN Partnership had $180,000 of ordinary income for the year ended June 30, 2024, and $210,000 of ordinary income for the year ended June 30, 2025. On November 15, 2024, Maria withdrew $75,000 from the partnership when her basis in the partnership was $165,000. What amount should Maria report on her 2024 tax return as ordinary income from LMN Partnership? a. $72,000 b. $84,000 c. $75,000 d. $96,000

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 58P

See similar textbooks