Facts for 9 and 10. Veneia is a 30% general partner in the calendar year,...
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Facts for 9 and 10. Veneia is a 30% general partner in the calendar year, cash basis TUV partnership. The partnership earned income and paid the following amounts: Income Rent expense Salary expense to employees Payment to Veneia for management services, per the partnership agreement Distributions to Tom $125,000 $12,000 40,000 16,000 Payment to 30% cash basis partner Tom for tax and accounting services 18,000 5,000 9. How much is Veneia's gross income increased as a result of the above items? $ 10. How much is Tom's gross income increased as a result of the above items? 9
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