R&S Associates is a partnership with a tax year that ends on August 31, 2010. During the
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R&S Associates is a partnership with a tax year that ends on August 31, 2010.
During the partnership’s tax year, Robert, a partner, received $1,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $21,000. For September through December of 2010, Robert’s guaranteed payment was increased to $1,500 per month. Calculate the amount of income from the partnership that Robert should report for his 2010 calendar tax year.
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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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