Business, 07.08.2021 01:30 CMB420

This year, Herb Partnership generated $740,000 ordinary business income. Herb has two equal partners: Savory LLC and Sweet Corp., an S corporation. Savory LLC has three members: Mr. Parsley, an individual who owns a 40 percent interest; Mrs. Rosemary, an individual who owns a 35 percent interest; and Sage Inc., a C Corporation which owns a 25 percent interest. Sweet Corp. has 100 shares of outstanding stock, all of which are owned by Ms. Mint, an individual. Required:
Identify the taxpayers who must pay tax on the partnership income, and determine how much income must be reported by each.

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This year, Herb Partnership generated $740,000 ordinary business income. Herb has two equal partners...

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