Business, 27.02.2020 18:30 jenifferplowman

This year, FGH Partnership generated $600,000 ordinary business income. FGH has two equal partners: Triad LLC and Beta, an S corporation. Triad LLC has three members: Mr. T, who owns a 40 percent interest; Mrs. U, who owns a 35 percent interest; and V Inc., which owns a 25 percent interest. Beta has 100 shares of outstanding stock, all of which are owned by Ms. B. Identify the taxpayers who must pay tax on the partnership income, and determine how much income must be reported by each.

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This year, FGH Partnership generated $600,000 ordinary business income. FGH has two equal partners:...

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