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QUESTION 30 Partners Gary and Elaine have agreed to share profits and losses in an 80 20 ratio respectively, after Gary is allowed a salary

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QUESTION 30 Partners Gary and Elaine have agreed to share profits and losses in an 80 20 ratio respectively, after Gary is allowed a salary slowance of $20.000 and Elaine is allowed salary allowance of 512,000. The partnership had net income of $67.000 for 2020. Calculate Elaine's share of the income. QUESTION 31 All of the following are characteristics of partnerships except co-ownership of property mutual agency unlimited life association of individuals

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