Quince interests is a partnership with a tax year that ends

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Reference no: EM13370392

Quince Interests is a partnership with a tax year that ends 30th September, 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 during December of 2012, Potter received guaranteed payments of $4,000 per month. Evaluate the amount of income from the partnership that Potter should report for his tax year ended 31st December, 2012.

Reference no: EM13370392

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