Stephanie is a 40 percent partner in the SKY Partnership. During the current tax year, the partnership reported ordinary income of $210,000 before payment of guaranteed payments and distributions to partners. The partnership paid guaranteed payments to partners Stephanie, Kirsten, and Yule of $30,000 each ($90,000 total). How much will Stephanie's adjusted gross income increase as a result of the above items?

A. $88,000
B. $48,000
C. $78,000
D. $66,000

Assume you plan to start a new enterprise; you know the probability of having losses for the first three years of operations is almost 90 percent, and you know you will report a substantial amount of income from other sources during those same three years. from a tax perspective, which of the following entity choices would not allow you to offset the entity losses against your income from other sources? c corporation s corporation llc general partnership