Problem 10-11 Tax Years (LO 10.5)

Quince Interests is a partnership with a tax year that ends on September 30, 2018. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $23,000. For October through December of 2018, Potter received guaranteed payments of $4,000 per month.

Calculate the total amount of income from the partnership that Potter should report for his tax year ended December 31, 2018. $