LO 10.4 6. Quince Interests is a partnership with a tax year that ends September 30, 2010.

Question:

LO 10.4 6. Quince Interests is a partnership with a tax year that ends September 30, 2010. 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 2010, 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 ended December 31, 2010.

$ ____________

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Income Tax Fundamentals 2011

ISBN: 9780538469197

29th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller

Question Posted: