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What amount of income should Peter report

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Problem - Peter, a 25% partner in Gold & Stein Partnership, received a $20,000 guaranteed payment in the current year for deductible services rendered to the partnership. Guaranteed payments were not made to any other partner. Gold & Stein's current year partnership income consisted of:

Net business income before guaranteed payments $80,000

Net long-term capital gains 10,000

What amount of income should Peter report from Gold & Stein Partnership on his current year tax return?

a. $37,500

b. $27,500

c. $22,500

d. $20,000

Reference no: EM132673585

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