Solved: Quince interests is a partnership with a tax year that ends, Cost Accounting

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Quince interests is a partnership with a tax year that ends

Quince Interests is a partnership with a tax year that ends September 30, 2012. 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 2012, 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 ended December 31, 2012.

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Cost Accounting: Quince interests is a partnership with a tax year that ends

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Cost Accounting: Quince interests is a partnership with a tax year that ends

Reference No:- TGS0777278

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