LO 10.4 6. Quince Interests is a partnership with a tax year that ends September 30, 2010.
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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.
$ ____________
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Related Book For
Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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