Question
2. Partner D (a calendar-year, cash basis taxpayer) performs services for the DEF partnership (a FYE 10/31, accrual basis taxpayer) in October, 2011. In return,
2. Partner D (a calendar-year, cash basis taxpayer) performs services for the DEF partnership (a FYE 10/31, accrual basis taxpayer) in October, 2011. In return, D is to get a guaranteed payment of $10,000. Assume that DEF is an equal partnership and earns $100,000 of income before considering the guaranteed payment. How much income will D have from the partnership in 2011?
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Statistical Audit Automation Applying Computer Assisted Audit Techniques
Authors: Edward J. Winslow
1st Edition
1973281015, 978-1973281016
