Samuel Is the Managing General Partner of STU, in Which

question 104

Multiple Choice

Samuel is the managing general partner of STU, in which he owns a 25% interest. For the year, STU reported ordinary income of $400,000 (after deducting all guaranteed payments) . In addition, the LLC reported interest income of $12,000. Samuel received a guaranteed payment of $120,000 for services he performed for STU. How much income from self-employment did Samuel earn from STU?

• A) $100,000
• B) $120,000
• C) $220,000
• D) $223,000
• E) None of the above is correct.