Kaylyn is a 40 partner in the kkm partnership. during the, Ask an Expert

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Kaylyn is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $160,000 and a charitable contribution of $10,000. The partnership paid office expenses of $100,000. In addition, KKM distributed $10,000 each to partners Kaylyn and Kristie, and the partnership paid partner Megan $20,000 for administrative services. Kaylyn reports the following income from KKM during the current tax year:

a) $4,000 ordinary income.

b) $12,000 ordinary income.

c) $8,000 ordinary income; $4,000 charitable contribution.

d) $16,000 ordinary income; $4,000 charitable contribution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413442

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