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Jason and Kevin formed a partnership in which it was agreed to share profits and losses equally. As Kevin would be the more active partner

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Jason and Kevin formed a partnership in which it was agreed to share profits and losses equally. As Kevin would be the more active partner in the business it was agreed that he be paid a $20,000 salary. The accountant has finalised the partnership results for the 2016-2017 tax year and has advised the partners that the partnership net result was a loss of $10,000 after paying Kevin the agreed salary. For the purposes of completing the statement of distribution on the partnership tax return, what is the partnership net income or loss? Select one: a. Loss of $30,000 b. Profit of $10,000 o Nil taxable income. O d. Loss of $10,000. Need in 20 to 30 mins please

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