60.1K

Verified Solution

Link Copied!

Please answer if you actually know how to cpmplete it$!$ Thank you! Required information Required information

$[$The following information applies to the questions displayed below.$]$

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $$15,800,$

and that Gary and Prudence will share the remaining profits or losses in a $45/55$ ratio. For year $1,$ the G&P partnership

reports the following results:

Note: Negative amounts should be indicated by a minus sign.

c$.$ What do you believe Gary's share of self$-$employment income $($loss$)$ to be reported on his year $1$ Schedule K$-1$ should be$,$ assuming

G&P is an LLC and Gary spends $2,000$ hours per year working there full time?

$[$The following information applies to the questions displayed below.$]$

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $$15,800,$

and that Gary and Prudence will share the remaining profits or losses in a $45/55$ ratio. For year $1,$ the G&P partnership

reports the following results:

Note: Negative amounts should be indicated by a minus sign.

b$.$ Compute Gary's share of self$-$employment income $($loss$)$ to be reported on his year $1$ Schedule K$-1,$ assuming G&P is a limited

partnership and Gary is a limited partner.

Show all imagesShow all images

Answer & Explanation Solved by verified expert

See Answer