Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In

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Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2014, the partnership generated $400,000 of taxable income, and Rex withdrew $100,000. In 2015, the partnership had $600,000 of taxable income, and Rex withdrew $200,000. What is Rex's gross income from the partnership in 2014 and 2015?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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