Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment...
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Accounting
Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $ In addition to the guaranteed payment, Barry withdraws $ from the partnership. The partnership has $ in ordinary income during the year. Required: a How much income must Barry report from BK Partnership? b What is the effect of the distribution on Barry's partnership basis? tablea Income to Barry,,b Barry's partnership basis,, 
Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $ In addition to the guaranteed payment, Barry withdraws $ from the partnership. The partnership has $ in ordinary income during the year.
Required:
a How much income must Barry report from BK Partnership?
b What is the effect of the distribution on Barry's partnership basis?
tablea Income to Barry,,b Barry's partnership basis,,
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