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Ward owns 50% of Teal Company (a calendar year par...

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Question

Ward owns 50% of Teal Company (a calendar year partnership). For tax year 2010, the partnership reported ordinary business income of $140,000, dividend income of $12,000, and interest income of $16,000. For 2010, Ward?s individual tax return will report: a. Nothing related to the partnership?s activity. b. $140,000 of ordinary business income, $12,000 of dividend income, $16,000 of interest income, earned by the partnership. d.$70,000 of ordinary business income, $6,000 of dividend income, and $8,000 of interest income, earned by the partnership. d.Only $70,000 of ordinary business income, earned by the partnership.

 

Paper#3305 | Written in 18-Jul-2015

Price : $25
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