Quince Interests is a partnership with a tax year that ends on September 30, 2019. During that
Question:
Quince Interests is a partnership with a tax year that ends on September 30, 2019. 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 2019, Potter received guaranteed payments of $4,000 per month. Calculate the amount of income from the partnership that Potter should report for his tax year ending December 31, 2019.
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59000 23000 12 months x 3000 per month The 4...View the full answer
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Related Book For 
Income Tax Fundamentals 2020
ISBN: 9780357108239
38th Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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