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What the two partners will each have taxable income

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Reference no: EM132698202

The Bartlo Partnership has income for the year ending December 31, 2019 of $490,000. As per the partnership agreement, this amount has been determined under generally accepted accounting principles. The agreement also calls for each of the two partners to have an equal share in this income. The following amounts are included in the calculation of this income figure:

  • Non-eligible dividends received of $32,000
  • Gains on the sale of shares of $96,000
  • Charitable donations of $12,000
  • Amortization on equipment of $49,000 (equal to CCA)

Problem 1: The two partners will each have Taxable Income for the 2019 taxation year of:

A. $227,000.
B. $229,400.
C. $223,400.
D. $245,000.

Reference no: EM132698202

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