Nate Is a Partner in a Partnership That Received $5,000

Nate is a partner in a partnership that received $5,000 of interest income this year. Nate's share of the interest is $1,000, and he should report this income on his individual return as:

A) income from a partnership.
B) business income.
C) interest income.
D) dividend income because the partnership intends to organize next year as a limited liability company.
E) None of the choices are correct.

Correct Answer:

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