Quince Interests is a partnership with a tax year that ends on September 30, 2013. During that

Question:

Quince Interests is a with a tax year that ends on September 30, 2013. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of income after guaranteed payments was $23,000. For October through December of 2013, Potter received guaranteed payments of $4,000 per month. Calculate the amount of income from the that Potter should report for his tax year ending December 31, 2013. $__________
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...