Nate is a partner in a partnership that received $5,000 of interest income this year. Nate's share of the interest is $1,000, and he should report this income on his individual return as:

Question

Quizplus · Accepted Answer

Nate should report this interest income on his individual return as "interest income." While it is technically income from a partnership, it is specifically interest income and should be reported as such. None of the other answer choices are appropriate for this scenario.

Nate Is a Partner in a Partnership That Received $5,000