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Calculate the total amount of income or loss

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Problem - Jim and Jack are equal partners in J&J Interests, which has ordinary income for the year of $32,000 before guaranteed payments. Jim receives guaranteed payments of $36,000 during the year. Calculate the total amount of income or loss from the partnership that should be reported by Jim and by Jack.

1. Jim should report total income (loss) of

2. Jack should report total income (loss) of

Reference no: EM132677034

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