If the articles of partnership provide for annual salary allowances of $36,000 and $18,000 to X and Y, respectively, and net income is $30,000, X's share of net income is $20,000.
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Q1: For tax purposes, a limited liability company
Q2: Each partner may withdraw the assets he
Q4: In a general partnership, each partner is
Q5: A partnership is subject to federal income
Q6: A partnership is a legal entity separate
Q7: The amount that a partner withdraws as
Q8: When compared to a corporation, one of
Q9: An advantage of the partnership form of
Q10: The salary allocation to partners used in
Q11: A partnership requires only an agreement between
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