The pdq partnership earned ordinary income of 150000 in, Ask an Expert

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The PDQ Partnership earned ordinary income of $150,000 in 2012. The partnership has three equal partners, Pete, Donald, and Quint. Quint who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnership) in 2012. He receives a $30,000 distribution from the partnership during the year. What are the total tax consequences for Quint in 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409087

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