DEF Services is owned by individuals, Mac, Norm, Otto, and Paul. They share profits and losses $40$:$30$:$15$:$15.$ Mac and Norm have tax years ending $6/30.$ Otto and Paul use the calendar year.

The partnership$$s activities for the tax year ending $6/30/-$Y$2$ are:

Sales

$$350,000$

Cost of goods sold

$$150,000$

Jobs credit

$$8,000$

$1231$ gain, $10-15-$Y$1$

$$60,000$

Muni Bd interest

$$24,000$

Charitable contribution

$$6,000$

Tasks:

Allocate the partnership$$s income and other receipts$/$payments to its four partners for their tax years ending in Year $2.$

Mac received guaranteed payments of $$12,000$ per month through the year ending $6/30/($Y$2).$ Norm received guaranteed payments of $$1,500$ per month for the year ending $6/30/-$Y$2.$ Otto and Paul each receive capital account withdrawals of $$7,500$ per month. Allocate the partnership$$s income and other receipts$/$payments to its four partners for their tax years ending in Y$2.$