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 $160,0000 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 in come from kkm during the current tax year.

a. $4000 ordinary income

b. $12,000 ordinary income

c. $8000 ordinary income; $4000 charitable contribution

d. $16,000 ordinary income; $4000 charitable contribution

e. none of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973464

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