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Vincent is a partner in an engineering firm. He is active in the business and serves as the partnership's chief technology officer. He receives a
Vincent is a partner in an engineering firm. He is active in the business and serves as the partnership's chief technology officer. He receives a guaranteed payment of $120,000 each year without regard to the firm's profits or losses. Assuming the payment is reported correctly on his Schedule K-1 (Form 1065), how should Vincent report this income on his tax return
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