Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. henry is a 50% partner in hj partnership. for 2016

Henry is a 50% partner in HJ Partnership. For 2016, the tax form he receives...

80.2K

Verified Solution

Question

Accounting

Henry is a 50% partner in HJ Partnership. For 2016, the tax form he receives from HJ (Schedule K-1 of Form 1065) shows business income of $40,000. During 2016, Henry received a $10,000 distribution from HJ. Assume Henry's basis in the partnership is $20,000.

a. How much must Henry report on his Form 1040 from HJ for 2016? $_________

b. Assume HJ is a S corporation. How much must Henry report on his Form 1040 from HJ for 2016? $_________

the answer is not ($30,000 and $30,000) or ($20,000 and $20,000)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Adams Manufacturing Inc. buys $11.4 million of materials (net of discounts) on terms of 2/10, net...

Finance
Q

Topic: Physical Examinations What are the benefits to performing a physical examination on patients? How can you...

Biology
Q

Correct The revenue function is given by R x x p x dollars where x...

Basic Math
Q

Solving z+14z - 9 = 0 by completing the square method produces an equation of...

Basic Math
Q

Consider the following tasks times and predecessors for an assembly of set top cable converter...

Statistics
Q

9 If f x In x then lim x 3 Im A B e f...

Calculus
Q

3. Preparation of the Financial Statements Castor, Aloevera and Lemon who are partners...

Accounting
Q

Ethical Issues Are Very Important At Many Stages Of The Research Process. They Have Implications...

Accounting
Q

Question 2: Brown incorporated a Sole Proprietorship by exchanging all the proprietorship's assets for the...

Accounting
Q

Part D XYZ company, a successful retail seller of jade jewelery in a niche Nova...

Accounting
Q

On July 1, 2020, Bramble Inc. invested $611,250 in a mine estimated to have 815,000...

Accounting
Q

The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and...

Accounting