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Title: Nicholas, a 40% partner in Nedeau Partnership, gives one-half of his interest to his sister, ... Post by: safezone on Feb 14, 2017 Nicholas, a 40% partner in Nedeau Partnership, gives one-half of his interest to his sister, Michelle. During the current year, Nicholas performs services for the partnership for which reasonable compensation is $80,000, but for which he accepts no pay. Nicholas and Michelle are each credited with a $100,000 distributive share, all of which is ordinary income. What are Nicholas' and Michelle's distributive share?
A) Nicholas Michelle $100,000 $100,000 B) Nicholas Michelle $ 60,000 $ 60,000 C) Nicholas Michelle $180,000 $100,000 D) Nicholas Michelle $140,000 $ 60,000 Title: Re: Nicholas, a 40% partner in Nedeau Partnership, gives one-half of his interest to his sister, ... Post by: strwbrry on Feb 14, 2017 Content hidden
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