The MP Partnership has two partners who share all types of income on an equal basis. Partners M and P are both individuals. The Partnership's accounting Net Income for the year ending December 31, 2020 is $78,000. No salaries or interest payments to partners have been included in this calculation. However, the $78,000 includes $6,500 in eligible dividends, as well as a $16,000 gain on the sale of unused land. Amortization Expense deducted is equal to maximum CCA.
Determine the amounts that will be included in the Net Income For Tax Purposes of Partner M and Partner P for the year ending December 31, 2020.

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The Answer of The MP Partnership has two partners who share all types of income on an equal basis. Partners M and P are both individuals. The Partnership's accounting Net Income for the year ending December 31, 2020 is $78,000. No salaries or interest payments to partners have been included in this calculation. However, the $78,000 includes $6,500 in eligible dividends, as well as a $16,000 gain on the sale of unused land. Amortization Expense deducted is equal to maximum CCA.
Determine the amounts that will be included in the Net Income For Tax Purposes of Partner M and Partner P for the year ending December 31, 2020.

The MP Partnership Has Two Partners Who Share All Types