Business, 30.05.2020 15:58 vanleervanleer

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 of $20,000 to partner Percy. 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...