Marina is a 40% partner in a beauty salon and serves as the manager. Under...
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Accounting
Marina is a 40% partner in a beauty salon and serves as the manager. Under the terms of the partnership agreement, she is to receive 40% of the partnership income, but no less than $25,000. If the salon's ordinary income for the year is $70,000, what amount can the partnership deduct as a guaranteed payment?
$0
$3,000
$25,000
$28,000
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