Molly Is a 30% Partner in the MAP Partnership

question 47

Multiple Choice

Molly is a 30% partner in the MAP Partnership. During the current tax year, the partnership reported ordinary income of $200,000 before payment of guaranteed payments and distributions to partners. The partnership made an ordinary cash distribution of $20,000 to Molly, and paid guaranteed payments to partners Molly, Amber, and Pat of $20,000 each ($60,000 total guaranteed payments) . How much will Molly's adjusted gross income increase as a result of the above items?

• A)$42,000
• B)$60,000
• C)$62,000
• D)$80,000
• E)None of the above

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