Partner q is a partner in partnership qrst the partnership Partner Q is a partner in Partnership QRST. The partnership agreement states that Q's share of income and losses is 30 percent. Q provides services to QRST. Both QRST and Q use a calendar year for tax purposes. The partnership's financial records for the current year show: Gross pro?t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $260,000 Guaranteed payments to Q. . . . . . . . . . . . . . . . . . (20,000) Life insurance premium for Q . . . . . . . . . . . . . . . . . (500) Operating expenses . . . . . . . . . . . . . . . . . . . . . . . (60,000) Charitable contributions. . . . . . . . . . . . . . . . . . . . . (9,000) Net long-term capital gain. . . . . . . . . . . . . . . . . . . 10,000 Q is single, has no other income, and no itemized deductions for the year. Q received the $20,000 guaranteed payments and withdrew an additional $10,000 during the year. Q's capital account in the partnership was $50,000 at the beginning of the year. Using Form 1065, page 1 as a guide; calculate QRST's ordinary income for the tax year. Calculate Q's taxable income for the tax year of 2012. Q will not be able to itemize deductions. Calculate Q's capital account in the partnership at the end of the tax year.