For tax year 2010 the partnership earned revenue of 500000, Ask an Expert

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Wayne owns a 25% interest in the capital and profits of Emerald Company (a calendar year partnership). For tax year 2010, the partnership earned revenue of $500,000 and had operating expenses of $200,000. During the year, Wayne withdrew from the partnership a total of $64,000. He also invested an additional $20,000 in the partnership. For 2010, Wayne's gross income from the partnership is:

1. $44,000.

2. $75,000.

3. $55,000.

4. $64,000.

5. None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9449799

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