LLC members (taxed as partnership) are trying to maximize their retirement contributions and reduce MI Bus. Tax. Can we treat ALL of the partnership income as guaranteed payments? The partnership provides a service and all partners are active in the business.
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The LLC member are the ones who decide how much guaranteed payments they each receive. It can be all the income, less than the income or more than the income, which would create a loss. It should be recorded in their minutes or whatever it is called with an LLC (can't remember right now). -
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