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L&J Interests is a partnership with two equal partners, Linda and Joanne. The partnersship has income of $67,000 for the year before guaranteed payments. Guaranteed
L&J Interests is a partnership with two equal partners, Linda and Joanne. The partnersship has income of $67,000 for the year before guaranteed payments. Guaranteed payments of $42,000 are paid to Linda durning the year. Calculate the amount of income that should be reported by Linda and Joanne from thepartnership for the year.
Linda should have __________
Joanne should have _________
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