AB Partnership earns $500,000 in the current year.Partners A and B are equal partners who do not receive any distributions during the year.How much income does partner A report from the partnership?
A)$0
B)$250,000
C)$500,000
D)None of the above

Question

Quizplus · Accepted Answer

Partner A reports $250,000 as income because the partnership's income is split equally between the partners, and A and B are equal partners.

AB Partnership Earns $500,000 in the Current Year