The PDQ Partnership earned ordinary income of $150,000 in 2018. The partnership has three equal partners, Pete, Donald, and Quint. Quint, who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnership) in 2018. He receives a $30,000 distribution from the partnership during the year. What is Quint's taxable income in 2018? Assume that the partnership is not eligible for the QBI deduction.
The PDQ Partnership earned ordinary income of $150,000 in 2018. The partnership has three equal partners, Pete, Donald, and Quint. Quint, who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnership) in 2018. He receives a $30,000 distribution from the partnership during the year. What is Quint's taxable income in 2018? Assume that the partnership is not eligible for the QBI deduction.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The PDQ
Assume that the partnership is not eligible for the QBI deduction.
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