Discussion:Partner's guaranteed payments; Deductions from Domestic Prod. Gross Receipts
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| Revision as of 14:54, 22 February 2006 MEJungman (Talk | contribs) (Discussion:PARTNERS GUARANTEED PAYMENTS & DEDUCTIONS ALLOWED FROM DOMESTIC PROD. GROSS RECEIPTS moved to Discussion:Partner's guaranteed payments; Deductions from Domestic Prod. Gross Receipts) ← Previous diff |
Revision as of 19:54, 22 February 2006 Pjs (Talk | contribs) (Still has to app) Next diff → |
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| {{ForumReplyPost|UserID=WESR|Date=22 February 2006|Text=hi GP are deductible for purposes of determining QPAI if allocable to DPGR. you can use the 75% allocation to partnership expenses if facts and circumstances state that is a reasonable method. the trade off with GPs is you reduce your partnership taxable income. so if your GPs is not a true way to compensate a partner who works more than another you may want to treat only the "unequal" pay as GP and everthing else as bottem line income. hope this makes sense.bye }} | {{ForumReplyPost|UserID=WESR|Date=22 February 2006|Text=hi GP are deductible for purposes of determining QPAI if allocable to DPGR. you can use the 75% allocation to partnership expenses if facts and circumstances state that is a reasonable method. the trade off with GPs is you reduce your partnership taxable income. so if your GPs is not a true way to compensate a partner who works more than another you may want to treat only the "unequal" pay as GP and everthing else as bottem line income. hope this makes sense.bye }} | ||
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| + | {{ForumReplyPost|UserID=Pjs|Date=22 February 2006|Text=Still has to apply W-2 wage limitation; no W-2 wages, no mfg deduction.}} | ||
Revision as of 19:54, 22 February 2006
Discussion Forum Index --> Tax Questions --> Partner's guaranteed payments; Deductions from Domestic Prod. Gross Receipts
| 21 February 2006 | |
| I'm not sure if this has been discussed before but my question is: Can guaranteed payments deducted on form 1065 line 10 be used as a direct or indirect deduction in determining Qualified production activities income.Also, if DPGR is 75% of total GR can I apply 75% to all partnership expenses including guaranteed payments? Any help and discussion on this subject will be greatly appreciated. | |
| 22 February 2006 | |
| hi GP are deductible for purposes of determining QPAI if allocable to DPGR. you can use the 75% allocation to partnership expenses if facts and circumstances state that is a reasonable method. the trade off with GPs is you reduce your partnership taxable income. so if your GPs is not a true way to compensate a partner who works more than another you may want to treat only the "unequal" pay as GP and everthing else as bottem line income. hope this makes sense.bye | |
| 22 February 2006 | |
| Still has to apply W-2 wage limitation; no W-2 wages, no mfg deduction. | |
