Ewan is a nonresident of California and holds a partnership interest in a California partnership. He received a Schedule K-1 from the California partnership that included net income of $10,000 from California sources. What amount of the distributive share of partnership net income is taxable by California?

Question

02-02-2021
Law

contestada

Ewan is a nonresident of California and holds a partnership interest in a California partnership. He received a Schedule K-1 from the California partnership that included net income of $10,000 from California sources. What amount of the distributive share of partnership net income is taxable by California?

Respuesta :

Otras preguntas

In the local coed softball league the male to female ratio is 6:6 if there are a 160 players in the league how many are female

The Federal Reserve Act of 1913 established the Federal Reserve System. What was the purpose of setting up the Federal Reserve System? to strengthen the nation’

What are causes and effects of unemployment?

A triangular pyramid is 9 yards tall and has a base area of 30 square yards. What is the volume of the pyramid?

What did Plato critique in his book The Republic?

define cell conjunctions

In a circle of radius 60 inches, a central angle of 35 will intersect the circle forming an arc of length _____. 36.65 inches 14.58 feet 36

What city did the Americans capture without firing a shot?

American soldiers often quarreled with each other and refused to take orders. A. True B. False

Which of the following is true of the data set represented by the box plot? a. The data contains at least one outlier. b. The mean and median are most likely th

anthougo anthougo · Answer 1 · 2021-02-04T16:41:32+01:00

Answer:

The amount of the distributive share of partnership net income that is taxable by California is the share of the partnership's net income of $10,000 that can be attributed to Ewan.

Assuming he holds a 50% interest in the partnership, he is expected to pay tax on his share of the $10,000 (which is equal to $5,000) in California, where the income is earned and not where he resides.

Explanation:

A partnership as an entity does not pay taxes. But individual partners must pay taxes on their shares of the partnership income, whether it is actually distributed or not. The partnership usually lists the partners' income on Schedule K-1, while individual partners fill the normal individual tax returns.