The net income of the Chris and Browning partnership is $440000. The partnership agreement specifies that Chris and Brow a salary allowance of $125000 and $171000, respectively. The partnership agreement also specifies an interest allowrance of capital balances at the beginning of the year. Each partner had a beginning capital balance of S 294000. Any remaining net inc net loss is shared equally. What is Chris's share of the $ 440000 net income? $197000 $154400 $167600 $114600 Attempts: 0 of 1 used
The net income of the Chris and Browning partnership is $440000. The partnership agreement specifies that Chris and Brow a salary allowance of $125000 and $171000, respectively. The partnership agreement also specifies an interest allowrance of capital balances at the beginning of the year. Each partner had a beginning capital balance of S 294000. Any remaining net inc net loss is shared equally. What is Chris's share of the $ 440000 net income? $197000 $154400 $167600 $114600 Attempts: 0 of 1 used
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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Transcribed Image Text:The net income of the Chris and Browning partnership is $440000. The partnership
agreement specifies that Chris and Brow a salary allowance of $125000 and $171000,
respectively. The partnership agreement also specifies an interest allowrance of capital
balances at the beginning of the year. Each partner had a beginning capital balance of $
294000. Any remaining net inc net loss is shared equally. What is Chris's share of the $
440000 net income? $197000 $154400 $167600 $114600 Attempts: 0 of 1 used
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