The Boulder Z Ltd. partnership uses a fiscal year ending September 30th. Marcus, a calendar- year end partner, received a guaranteed payment of $12,000 on November 18, 2021 and a guaranteed payment of $9,000 on December 1, 2022. Marcus' share of Boulder Z Ltd.'s income for the year ended September 30, 2021 is $25,000 and for the year ended September 30, 2022 is $35,000. How much income should Marcus report on his "2022 income tax return"? a. $9,000 b. $35,000 c. $44,000 d. $47,000
The Boulder Z Ltd. partnership uses a fiscal year ending September 30th. Marcus, a calendar- year end partner, received a guaranteed payment of $12,000 on November 18, 2021 and a guaranteed payment of $9,000 on December 1, 2022. Marcus' share of Boulder Z Ltd.'s income for the year ended September 30, 2021 is $25,000 and for the year ended September 30, 2022 is $35,000. How much income should Marcus report on his "2022 income tax return"? a. $9,000 b. $35,000 c. $44,000 d. $47,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
Transcribed Image Text:The Boulder Z Ltd. partnership uses a fiscal year ending September 30th. Marcus, a calendar-
year end partner, received a guaranteed payment of $12,000 on November 18, 2021 and a
guaranteed payment of $9,000 on December 1, 2022. Marcus' share of Boulder Z Ltd.'s income for
the year ended September 30, 2021 is $25,000 and for the year ended September 30, 2022 is
$35,000. How much income should Marcus report on his "2022 income tax return"?
a. $9,000
b. $35,000
c. $44,000
d. $47,000
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