LMN Partnership Is Owned Equally by R and S, Calendar

question 51

Multiple Choice

LMN Partnership is owned equally by R and S, calendar year taxpayers.The partnership reports on a fiscal year ending October 31.During the calendar year 2010, the partnership earned $1,000 a month.During the calendar year 2012, the partnership earned $2,000 a month.During 2010 and 2012, R withdrew $300 a month.On his personal return for 2012, R will report income from the partnership of

• A)$1,800
• B)$3,500
• C)$11,000
• D)$12,000

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Definitions:

Period Of The Embryo

Lasting from the fourth through the eighth week of gestation, the time that most of the body’s organ systems and structures are forming.

Full Term

Refers to a pregnancy that reaches completion, typically around 39 to 40 weeks, leading to the birth of a baby.

Period Of The Zygote

Approximately a 2-week period from the time of fertilization of a human ovum by a sperm to the time of implantation in the uterine wall.

Period Of The Fetus

Lasting from the ninth week of gestation until birth, the time of rapid growth and further differentiation when the reproductive system forms, gains in body weight occur, and the brain and nervous system continue to develop.