Retish is a 10% partner in a partnership. The partnership pays Retish a guaranteed payment of $45,000
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Retish is a 10% partner in a partnership. The partnership pays Retish a guaranteed payment of $45,000 per year. If the partnership’s ordinary income is $38,000 before considering the guaranteed payment, the partnership will report ordinary income of how much?
a. $ ($7,000).
b. $ 0.
c. $ 33,500.
d. $ 38,000.
PartnershipA 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...
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