Sharon is a 40% partner in Green Nursery. She also works full-time as an engineer, earning a gross salary of $100,000 annually. Green Nursery's net income for tax purposes in 20x0 was $210,000. During 20x0, Green Nursery received $10,000 in non-eligible dividends from a CCPC. Green Nursery also sold a capital asset and recognized a gain of $16,000 in 20x0. (The dividend income and taxable capital gain income have been included in the net income for tax purposes.) Sharon withdrew $20,000 from the partnership during 20x0. The ACB of Sharon's partnership interest was $75,000 at the beginning of 20x0. (Use tax rates and rules applicable for 2019.)
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The Answer of Sharon is a 40% partner in Green Nursery. She also works full-time as an engineer, earning a gross salary of $100,000 annually. Green Nursery's net income for tax purposes in 20x0 was $210,000. During 20x0, Green Nursery received $10,000 in non-eligible dividends from a CCPC. Green Nursery also sold a capital asset and recognized a gain of $16,000 in 20x0. (The dividend income and taxable capital gain income have been included in the net income for tax purposes.) Sharon withdrew $20,000 from the partnership during 20x0. The ACB of Sharon's partnership interest was $75,000 at the beginning of 20x0. (Use tax rates and rules applicable for 2019.)
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Sharon Is a 40% Partner in Green Nursery