Eport for his tax year ended decembe


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.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Eport for his tax year ended decembe
Reference No:- TGS047136

Expected delivery within 24 Hours