Wayne Owns a 25% Interest in the Capital and Profits

question 33

Multiple Choice

Wayne owns a 25% interest in the capital and profits of Emerald Company (a calendar year partnership) .For tax year 2012, the partnership earned revenue of $900,000 and had operating expenses of $560,000.During the year, Wayne withdrew from the partnership a total of $90,000. He also invested an additional $20,000 in the partnership.For 2012, Wayne's gross income from the partnership is:

• A)$70,000.
• B)$85,000.
• C)$90,000.
• D)$110,000.
• E)None of the above.

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