Quince Interests is a partnership with a tax year that ends September 30, 2012.

Question

Quince Interests is a partnership with a tax year that ends September 30, 2012. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $23,000. For October through December of 2012, Potter received guaranteed payments of $4,000 per month. Calculate the amount of income from the partnership that Potter should report for his tax year ended December 31, 2012.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Explanation / Answer

3000*9+ 4000*3+23000 = 62000

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