In 2020, Sarah and Samantha had $132,000 in sales revenues and $48,000 in expenses for their partnership.
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In 2020, Sarah and Samantha had $132,000 in sales revenues and $48,000 in expenses for their partnership. Each partner also withdrew $35,000 in owners’ drawings as a salary. How much income would Sarah and Samantha each have to report on their personal income taxes?
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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