Wayne owns a 30% interest in the capital and profits of Emerald Company (a calendar year partnership). For tax year 2013, the partnership earned revenue of $900,000 and had operating expenses of $660,000. During the year, Wayne withdrew from the partnership a total of $90,000. He also invested an additional $30,000 in the partnership. For 2013, Wayne's gross income from the partnership is:

Wayne owns a 30% interest in the capital and profits of Emerald Company (a calendar year partnership). For tax year 2013, the partnership earned revenue of $900,000 and had operating expenses of $660,000. During the year, Wayne withdrew from the partnership a total of $90,000. He also invested an additional $30,000 in the partnership. For 2013, Wayne's gross income from the partnership is:

Wayne owns a 30% interest in the capital and profits of Emerald Company (a calendar year partnership). For tax year 2013, the partnership earned revenue of $900,000 and had operating expenses of $660,000. During the year, Wayne withdrew from the partnership a total of $90,000. He also invested an additional $30,000 in the partnership. For 2013, Wayne's gross income from the partnership is:



a. $72,000.
b. $90,000.
c. $132,000.
d. $162,000.
e. None of these.


Answer: a


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