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Calculate the amount of income that should be reported

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Reference no: EM132703027

Problem - L&J Interests is a partnership with two equal partners, Linda and Joanne. The partnership has income of $75,000 for the year before guaranteed payments. Guaranteed payments of $45,000 are paid to Linda during the year. Calculate the amount of income that should be reported by Linda and Joanne from the partnership for the year.

Reference no: EM132703027

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