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Simone is a claendar year cash basis taxpayer. She ownes a 50% profit and loss interest in a cash basis partnership with a September 30 year-end. The partnership's operating income(after deducting guaranteed payments) was $72,000 ($6000 per month) and $96,000 ($8000 per month), respectively, for the partnership tax years ended September 30, 2010 and 2011. The partnership paid gauranteed payments to Simone of $1000 and $2000 per month during the fiscal years ended September 30, 2010 and 2011. How much will Simone's adjusted gross income be increased by these partnerhip items for her tax year ended December 31, 2010?

a. 12000

b. 15000

c. 48000

d. 55000

e. none of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M974753

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