In computing the ordinary income of a partnership,a deduction is generally allowed for:
A)Guaranteed payments to partners.
B)A standard deduction.
C)Partners' personal exemptions.
D)The net operating loss deduction.
E)All of the above can be deducted.

Question

Quizplus · Accepted Answer

A deduction is generally allowed for guaranteed payments to partners in computing the ordinary income of a partnership. The other options listed are not applicable for partnership income tax purposes.

In Computing the Ordinary Income of a Partnership,a Deduction Is