During the current year, MAC Partnership reported the following items of receipts and expenditures: $300,000 sales, $20,000 utilities, $30,000 rent, $100,000 salaries to employees, $40,000 guaranteed payment to partner Mitchell, investment interest income of $4,000, a charitable contribution of $6,000, and a distribution of $20,000 to partner Chad. Austin is a 40% partner. What items will be reflected on Austin's Schedule K-1?

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The Answer of During the current year, MAC Partnership reported the following items of receipts and expenditures: $300,000 sales, $20,000 utilities, $30,000 rent, $100,000 salaries to employees, $40,000 guaranteed payment to partner Mitchell, investment interest income of $4,000, a charitable contribution of $6,000, and a distribution of $20,000 to partner Chad. Austin is a 40% partner. What items will be reflected on Austin's Schedule K-1?

During the Current Year, MAC Partnership Reported the Following Items