Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. noah is a 46% member of a partnership that had bus

Noah is a 46% member of a partnership that had business income of $298,000 during...

70.2K

Verified Solution

Question

Accounting

Noah is a 46% member of a partnership that had business income of $298,000 during the current year determined in accordance with the rules of the ITA. Noah'sshare of this income is $137,080. In the current year, Noah received a monthly salary from the partnership that totalled $108,000. At the end of the year, the partnership distributed bonuses of $60,500 to each of the partners. How much income from the partnership should Noah include in his income tax return for the current year?A. $168,500B. $305,580OC. $108,000OD. $137,080

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose a point is to be selected at random from the unit circle. Write the sample...

Basic Math
Q

The number line below shows a value on a log scale 5 3 2 1...

Basic Math
Q

Express the set in the simplest interval form.(-?, -5]?[-7,?)Select the correct choice below and, if...

Basic Math
Q

Assume that a randomly selected subject is given a bone density test Those test scores...

Statistics
Q

Show that fand g are inverse functions algebraically graphically and numerically f x 5x 6...

Calculus
Q

1 Find the inverse of the relation 1 0 2 1 3 0 4 2

Algebra
Q

2 Determine the sequence generated by each of the following exponential generating functions a f...

Algebra
Q

Use synthetic division to find the result when 3x 10x 15x 1 is divided by...

Algebra
Q

During Fiscal year 2014, the City of Hickory Hills issued purchase orders to various vendors...

Accounting
Q

Gandolf Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and...

Accounting
Q

Cubie Corporation has provided the following data concerning its only product: Selling price $ 111...

Accounting
Q

Johnny Cake Ltd. has 8 million shares of stock outstanding selling at $18 per share...

Finance