Lilac Designs is a partnership with a tax year that ends November 30, 2014. During that year, William, a partner, received $4,000 per month as a guaranteed payment and his share of partnership income after guaranteed payments was $20,000. For December of 2014, William received a guaranteed payment of $10,000. Calculate the amount of income from the partnership that William should report for his tax year ended December 31, 2014.

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The Answer of Lilac Designs is a partnership with a tax year that ends November 30, 2014. During that year, William, a partner, received $4,000 per month as a guaranteed payment and his share of partnership income after guaranteed payments was $20,000. For December of 2014, William received a guaranteed payment of $10,000. Calculate the amount of income from the partnership that William should report for his tax year ended December 31, 2014.

Lilac Designs Is a Partnership with a Tax Year That