10-16 (Static) [LO 10-5] Amit is a limited partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50,000 of ordinary income. $1,000 of interest income, and a cash distribution of $35,000. Amit's marginal tax rate is 37 percent. Amit qualifies for the QBI deduction, without regard to the wage or taxable income limitations. Required: a. Calculate the tax cost of Amit's partnership earnings this year. Tax cost $ 20,196 b. Calculate Amit's after-tax cash flow from his partnership activity this year. After-tax cash flow $ 14,804