Quince Interests is a partnership with a tax year that ends on September 30, 2015. During that

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Quince Interests is a partnership with a tax year that ends on September 30, 2015. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $23,000. For October through December of 2015, Potter received guaranteed payments of $4,000 per month. Calculate the amount of income from the partnership that Potter should report for his tax year ending December 31, 2015. $________
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...
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Income Tax Fundamentals 2016

ISBN: 9781337343527

34th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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