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Nicholas, a 40% partner in Nedeau Partnership, gives one-half of his interest to his sister, ...

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Nicholas, a 40% partner in Nedeau Partnership, gives one-half of his interest to his sister, ...

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

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

Read 112 times

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