L&J Interests is a partnership with two equal partners, Linda and Joanne. The partnership has income of

Question:

L&J Interests is a with two equal partners, Linda and Joanne. The has income of $69,000 for the year before guaranteed payments. Guaranteed payments of $45,000 are paid to Linda during the year. Calculate the amount of income that should be reported by Linda and Joanne from the for the year.
Linda should report income of $__________
Joanne should report income of $__________
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...