This year, FGH Partnership generated $760,000 ordinary business income. FGH has two equal partners: Triad...
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This year, FGH Partnership generated $760,000 ordinary business income. FGH has two equal partners: Triad LLC and Beta, an S corporation. Triad LLC has three members: Mr. Ty, who owns a 45 percent interest; Mrs. Ude, who owns a 35 percent interest; and V, Incorporated, which owns a 20 percent interest. Beta has 100 shares of outstanding stock, all of which are owned by Ms. Byrd. Required: Identify the taxpayers who must pay tax on the partnership income, and determine how much income must be reported by each.
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