Sue is a 50 working partner in a partnership. she is, Ask an Expert

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Sue is a 50% working partner in a partnership. She is guaranteed an annual salary of $60,000. Jim, the other 50 percent partner, is to receive the first $10,000 of partnership profits before the balance is divided equally between them. During the year, the partnership's accounting results were $40,000 of income before any partner allocations. What amount of income will Sue be taxed on?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942060

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