Business
Business, 22.07.2020 01:01, fansofboys

DIP LLC reports ordinary income (before guaranteed payments) of $120,000, rent expense of $40,000, and interest income of $4,000 for the year. In addition, DIP paid guaranteed payments to partner Percy of $20,000. If Percy owns a 40% capital and profits interest, how much income will he report for the year and what is its character?

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DIP LLC reports ordinary income (before guaranteed payments) of $120,000, rent expense of $40,000, a...

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