Partner Z (a calendar-year, cash basis taxpayer) performs services for the XYZ partnership (a FYE...
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Partner Z (a calendar-year, cash basis taxpayer) performs services for the XYZ partnership (a FYE 9/30, accrual basis taxpayer) in September, 2020. In return, Z is to get a guaranteed payment of $50,000. XYZ pays Z the guaranteed payment in January, 2021. What tax year is the payment deducted by XYZ? What tax year is the payment included in Zs income?
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