Hiram and Tyrone are partners who agree that Hiram will receive a $50,000 salary allowance and that any remaining income or loss will be shared equally. If Tyrone's capital account is credited for $1,000 as her share of the net income in a given period, how much net income did the partnership earn in that period?

Hiram and Tyrone are partners who agree that Hiram will receive a $50,000 salary allowance and that any remaining income or loss will be shared equally. If Tyrone's capital account is credited for $1,000 as her share of the net income in a given period, how much net income did the partnership earn in that period?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 33CE

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