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Adam, Kelly and Alex formed the AKA Partnership, agreeing to share profits and losses equally....

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Accounting

Adam, Kelly and Alex formed the AKA Partnership, agreeing to share profits and losses equally. Adam will manage the business for which he will receive a guaranteed payment of $30,000 per year. Business activity for the year was as follows:

Net income from operations (before guaranteed payment) $ 480,000
Guaranteed payment to Adam 30,000

Kelly is unmarried without dependents, has no other income, and has $13,000 itemized deductions. How much is Kelly's taxable income, if any?

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