Brent Is a General Partner in BC Partnership

question 56

Multiple Choice

Brent is a general partner in BC Partnership.His distributive share of partnership income and his guaranteed payment for the year are as follows: What is his self-employment income?

• A)$84,000
• B)$66,000
• C)$48,000
• D)$36,000

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Definitions:

Billable Hours

The amount of an employee's work time that can be charged to a client, as in the context of professional services like legal advice or consultancy.

Capital Balance

Refers to the amount of money that a company's shareholders have invested in it.

Profit Sharing

A corporate program that gives employees a share in the company's profits based on its earnings.

Billable Hours

The amount of an employee's work time that can be charged to a client, often used in legal and consultancy services to calculate fees.