How much income must celia report


In the current year, the CAR Partnership had revenues of $200,000, $120,000 in rent, utilities, and salaries expenses; a $32,000 guaranteed payment to partner Ronald; and a $15,000 distribution to 25% partner Celia. In addition, the partnership realized a $10,000 net long-term capital gain. Celia's basis in her partnership interest was $50,000 at the beginning of the year, which included her $20,000 share of partnership liabilities. At the end of the year, her share of partnership liabilities was $15,000. How much income must Celia (25% partner) report for the tax year, and what is her basis in the partnership interest at the end of the year?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: How much income must celia report
Reference No:- TGS085725

Expected delivery within 24 Hours