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Partner Z of the EZ partnership provides services to the partnership in exchange for 30% of the profits, but not less than $150,000. The partnership had $300,000 of taxable income before the guaranteed payment. How much is Z%u2019s guaranteed payment, and how much is his total income for the year from EZ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9955860

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