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roswellpodsquad
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Joined: 28 May 2009
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Posts: 112
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| Posted: 08 Jun 2009 at 21:16 | IP Logged
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Does anyone know why the partner health insurance premiums are not
being reported as part of the guaranteed payments in this simulation?
According to Becker pg. R4-14 they should be. Any thoughts?
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caixinran
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| Posted: 10 Jun 2009 at 18:53 | IP Logged
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Premiums for health insurance paid by a partnership on
behalf of a partner for services as a partner are treated
as guaranteed payments. The partnership can deduct the
payments as a business expense and the partner must include
them in gross income. However, if the partnership accounts
for insurance paid for a partner as a reduction in
distributions to the partner, the partnership cannot deduct
the premiums.
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roswellpodsquad
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Location: United States
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Posts: 112
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| Posted: 10 Jun 2009 at 19:32 | IP Logged
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But on the simulation they are not being counted as a reduction in the
distributions to the partners. So, I don't understand why they are being
counted as an other deduction on Sch. K rather than as part of guaranteed
payments.
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Topic: Becker Partnership Simulation
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