Tai has a 20% profits interest and a 25% loss interest in the XYZ Partnership. His distributive share of ordinary income is
The XYZ Partnership reports the following operating results for the current year:
A) $6,800.
B) $8,500.
C) $10,000.
D) $12,500.
D) $12,500.
Since the partnership has a net loss [($40,000) + ($16,000) + $50,000 = ($6,000)] for the year, Tai's distributive share of the $50,000 of ordinary income is calculated using the 25% loss interest.
Page Ref.: C:9-18; Example C:9-20
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