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Required information [The following information applies to the questions displayed below.] The...

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Accounting

Required information
[The following information applies to the questions displayed below.]
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $18,700,
and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership
reports the following results:
b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G&P is a limited
partnership and Gary is a limited partner.
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