Casey is a partner in the Slugger Partnership.The partnership sent Casey a Schedule K-1 for its year-ended on September 30,2011.The Schedule K-1 reported Casey's share of net income after guaranteed payments of $60,000 and guaranteed payments to Casey of $6,000 ($500 per month).Casey's share of the partnership's income after guaranteed payments for October 1,2011 through December 31,2011 was $6,000.Also,Casey's guaranteed payments for that time period was $3,000 ($1,000 per month).How much income from the partnership should Casey report on his 2011 individual income tax return?

Question

Quizplus · Accepted Answer

The Answer of Casey is a partner in the Slugger Partnership.The partnership sent Casey a Schedule K-1 for its year-ended on September 30,2011.The Schedule K-1 reported Casey's share of net income after guaranteed payments of $60,000 and guaranteed payments to Casey of $6,000 ($500 per month).Casey's share of the partnership's income after guaranteed payments for October 1,2011 through December 31,2011 was $6,000.Also,Casey's guaranteed payments for that time period was $3,000 ($1,000 per month).How much income from the partnership should Casey report on his 2011 individual income tax return?

Casey Is a Partner in the Slugger Partnership