Under the terms of the partnership agreement, Joyce is entitled to a fixed annual payment of $25000and her partner $30,000 without regard to the income of the partnership. Joyce's distributive share ofthe partnership income is 25%. The partnership's income is $75,000 of the ordinary income afterdeducting the guaranteed payments. How much ordinary income from the partnership will be included in Joyce's individual income tax return?

A, B, 8: C of Dutch LLC, a calendar year partnership company, share profits and losses in the ratio of 4:323. respectively. All three materially participate in the partnership business. Each partner‘s adjusted basis in the partnership before distribution at the year end is as follows:

George is a full time student at a local college. During the fall semester, he received a $4,250 scholarship from a local foundation. He spent the entire $3,000 student loan and another $1,850 during this semester. He made the following expenses: tuition $2000, books $750, board and lodging $2,000. How much of the $4,250 scholarship should George report as income?

Which of the following is not rental income in the year in which it is received?

A common kind/ common kinds of distributions by a corporation to its shareholders is / are

Which of the following is not reduced by the 2% limitation on miscellaneous deductions?

With respect to Simple Trusts, all the following statements are true except.

Which of the following is not a requirement to claim to be the head of a household?

A has supported his brother ‘C' for the entire year to claim C as a dependent on form 1040. Which of the following countries must C be a resident of to claim this benefit?

Which of the following statements regarding extensions of time to file a tax return is correct?

Which of the following is not eligible to be a shareholder of S Corporation?