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Lera25 [3.4K]
3 years ago
11

Samuel is the managing general partner of STU, in which he owns a 25% interest. For the year, STU reported ordinary income of $4

00,000 (after deducting all guaranteed payments). In addition, the LLC reported interest income of $12,000. Samuel received a guaranteed payment of $120,000 for services he performed for STU. How much income from self-employment did Samuel earn from STU
Business
1 answer:
Norma-Jean [14]3 years ago
7 0

Answer:

$220,000

Explanation:

Calculation to determine How much income from self-employment did Samuel earn from STU

Using this formula

Income from self-employment =Guaranteed payment received+(Interest rate*Ordinary income)

Let plug in the formula

Income from self-employment=$120,000+(25%*$400,000)

Income from self-employment=$120,000+$100,000

Income from self-employment=$220,000

Therefore the amount of income from self-employment that Samuel earn from STU is $220,000

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