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 partnerships activities for the tax year ending 6/30/-Y2 are:

Sales	$350,000
Cost of goods sold	$150,000
Jobs credit	$8,000
1231 gain, 10-15-Y1	$60,000
Muni Bd interest	$24,000
Charitable contribution	$6,000

Tasks:

1. Allocate the partnerships income and other receipts/payments to its four partners for their tax years ending in Year 2.
2. Mac received guaranteed payments of $12,000 per month through the year ending 6/30/ (Y2). Norm received guaranteed payments of $1,500 per month for the year ending 6/30/-Y2. Otto and Paul each receive capital account withdrawals of $7,500 per month. Allocate the partnerships income and other receipts/payments to its four partners for their tax years ending in Y2.