Mason and John operate a computer consulting service as a general partnership. Their partnership agreement states that each partner's share of the profits will be prorated according to the number of billable hours each person achieves over the course of the year. For the year, Mason billed 1,500 hours; John billed 2,200 hours. The business realized a profit of $240,000. Over the course of the year, Mason and John both received bi-weekly cheques of $3,000. What was Mason's taxable income from the partnership?

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To calculate Masons taxable income from the partnership we first need to determine his share of the ... View the full answer