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[The following information applies to the questions displayed below] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment

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[The following information applies to the questions displayed below] The partnership agreement of the G\&P general partnership states that Gary will receive a guaranteed payment of $15,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio, For year 1, the G\&P partnership reports the following results: Note: Negotive omounts should be indicated by o minus sign. Problem 20.61 Port a (Algo) Required: Q.1. How much ordinary income (loss) is allocated to Gary for the year? a-2 Compute Gary's share of separately stated items to be reported on his year 1 Schedule K1, including his self-employment income (loss)

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