Wayne Owns a 30% Interest in the Capital and Profits

question 42

Multiple Choice

Wayne owns a 30% interest in the capital and profits of Emerald Company (a calendar year partnership) .For tax year 2019, the partnership earned revenue of $900,000 and had operating expenses of $660,000.During the year, Wayne withdrew from the partnership a total of $90,000.He also invested an additional $30,000 in the partnership.For 2019, Wayne's gross income from the partnership is:

• A)$72,000.
• B)$90,000.
• C)$132,000.
• D)$162,000.

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