52. Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $55,000. In addition to the guaranteed payment, Barry withdraws $10,000 from the partnership. The partnership has $24,000 in ordinary income during the year.
a. how mush income must Barry report from BK Partnership?
b. what is the effect on Barry’s partnership basis?
Click here for the solution: Barry and Kurt are equal partners in the BK Partnership
