Under a partnership agreement, Sarah is tot receive 25% of the partnership income but not...
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Accounting
Under a partnership agreement, Sarah is tot receive 25% of the partnership income but not less than 12,000. The partnership net income for this year was 32,000. What amount can the partnership deduct as a guaranteed payment, and what amount of income is Sarah required to report on her individual tax return
Partnership Deduction - $4000 Sarah Income12,000
Partnerhsip Deduction - $4000 Sarah income 20,000
Partnerhsip deduction 12,000 - Sarah income 8,000
Partnership Deduction 12,000 Sarah income 20,000
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