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What are the amounts each partner would report

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Question - Allan and Joe are partners in a calendar year partnership. For 2020 the partnership's ordinary income is $90,000 after subtracting guaranteed payments. Each partner received guaranteed payments of $4,000 per month. If Allan and Joe share capital, income and losses (80% to Allan and 20% to Joe), what are the amounts each partner would report on their 1040 for 2020 from this partnership? How much would they each have in self-employment income?

Reference no: EM132936347

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