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Nicholas, a one-third partner, received a guaranteed payment in the current year of $50,000. Partnership income before consideration of the guaranteed payment was $20,000. Assuming that no loss limitation rules apply, Nicholas reports a $10,000 ordinary loss from partnership operations and the $50,000 guaranteed payment as ordinary income.
Phase Conductors
The wires or cables in an electrical system that carry the alternating current between the source and the load, in one or more phases.
Neutral Conductor
A conductor that carries current back to the source in electrical systems and is at a potential of zero volts.
Sequence
An ordered collection of objects or events that follow a specific pattern or arrangement.
Harmonic
A sinusoidal component of a periodic wave or quantity having a frequency that is an integral multiple of the fundamental frequency.
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