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Calculate the tax cost of amits partnership earnings this

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Reference no: EM132319592

Question :

Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50, 000 of ordinary income, $1,000 of interest income, and a cash distribution of $35, 000. Amit's marginal tax rate is 37 percent. Amit qualifies for the Section 1994 deduction, without regard to the wage limitation.

a. Calculate the tax cost of Amit's partnership earnings this year.

b. Calculate Amit's after- tax cash flow from his partnership activity this year.

Reference no: EM132319592

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