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Mr z sold 25 of his business to his son s what is the

Question - Mr Z sold 25% of his business to his son, S. The resulting partnership had a profit of $60,000. Capital is a material income-producing factor. The father performed services worth $30000, which was reasonable compensation, the son performed no services. What is the maximum amount of income that S can report from the partnership for the year?

$7500

$15000

$22500

$45000

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Accounting Basics: Mr z sold 25 of his business to his son s what is the

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