R&S Associates is a partnership with a tax year that ends on August 31, 2014....
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Accounting
R&S Associates is a partnership with a tax year that ends on August 31, 2014. During the partnership's tax year, Robert, a partner, received $1,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $21,000. For September through December of 2014, Robert's guaranteed payment was increased to $1,500 per month.
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