K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has...
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K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has income for the year of $60,000 before guaranteed payments. Guaranteed payments of $25,000 are paid to Kai during the year.
Calculate the amount of income that should be reported by Kai and Taonga from the partnership for the year.
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