Amy and Mary are each partners in a partnership (A&M Partnership).According to their partnership agreement, all income is to be allocated equally between them, but in no chase shall the allocation to Amy be less than $75,000 per year (i.e. Amy's receives a minimum guaranteed payment of $75,000 each year).This year A&M generated $107,200 net profit.

Compute A&M's taxable income for the year and each partner's distributive share of that income.

Format:You can use Excel, or Word. 'show your work'.