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Quince Interest is a partnership with a tax year that ends on September 30, 2013.
Quince Interest is a partnership with a tax year that ends on September 30, 2013. During that year, Potter a partner received $3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $23,000.For October and December of 2013. Potter received guaranteed payments of $4,000 per month. Calculate the amount of income from the partnership that Potter should report for his tax year ending December 31, 2013.