Wayne owns a 25% interest in the capital and profits of Emerald Company (a calendar year partnership).For tax year 2010,the partnership earned revenue of $500,000 and had operating expenses of $200,000.During the year,Wayne withdrew from the partnership a total of $64,000.He also invested an additional $20,000 in the partnership.For 2010,Wayne's gross income from the partnership is:

Question

Quizplus · Accepted Answer

The Answer of Wayne owns a 25% interest in the capital and profits of Emerald Company (a calendar year partnership).For tax year 2010,the partnership earned revenue of $500,000 and had operating expenses of $200,000.During the year,Wayne withdrew from the partnership a total of $64,000.He also invested an additional $20,000 in the partnership.For 2010,Wayne's gross income from the partnership is:

Wayne Owns a 25% Interest in the Capital and Profits