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Ned, Opie and Paul are equal partners. The partnership si acash basis taxpayer and uses hte interim closing of the book's method. On October 1,
Ned, Opie and Paul are equal partners. The partnership si acash basis taxpayer and uses hte interim closing of the book's method. On October 1, Quinn joins the partnership, and the four become equal partners. On March 1, the partnership paid $30,000 in salaries. On November ,1 the partnership paid $10,000 ot an independent contractor for consulting services. How si the deduction for the salary and payment for consulting services allocated among the partners? Please fully explain the tax analysis used ot reach your conclusions
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