Jacques is a member of a partnership that had a Net Business Income for tax purposes of $456,000 during the current year. His share of this income is $228,000. During this year, Jacques received monthly salary from the partnership that totaled $156,000 for the year. At the end of the year, the partnership distributed bonuses of $90,000 to each of the partners. How much income from the partnership should Jacques report for the current year? O $156,000. O $228,000. $246,000. O $474.000.
Jacques is a member of a partnership that had a Net Business Income for tax purposes of $456,000 during the current year. His share of this income is $228,000. During this year, Jacques received monthly salary from the partnership that totaled $156,000 for the year. At the end of the year, the partnership distributed bonuses of $90,000 to each of the partners. How much income from the partnership should Jacques report for the current year? O $156,000. O $228,000. $246,000. O $474.000.
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6CPA
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Transcribed Image Text:Question 23
Jacques is a member of a partnership that had a Net Business Income for tax
of $456,000 during the current year. His share of this income is $228,000.
purposes
During this year, Jacques received monthly salary from the partnership that totaled
$156,000 for the year. At the end of the year, the partnership distributed bonuses of
$90,000 to each of the partners. How much income from the partnership should
Jacques report for the current year?
O $156,000.
O $228,000.
$246,000.
$474,000.
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