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Compute the income allocated to Patel

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Question - The partnership agreement of J. Patel and S. Moon reflects differences in service and capital contributions as follows: (1) annual salary allowances of $50,000 to Patel and $30,000 to Moon; and (2) equal share of any remaining balance of income or loss. In the first year, the partnership makes $100,000. Compute the income allocated to Patel?

Reference no: EM132549175

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