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A partnership, named Innovate Ventures, earned $800,000 in ordinary income for the tax year. The partnership consists of three partners: Sarah, who owns a 40%
A partnership, named Innovate Ventures, earned $800,000 in ordinary income for the tax year. The partnership consists of three partners: Sarah, who owns a 40% interest, David, who owns a 30% interest, and Lisa, who owns a 30% interest. Determine the distributive share of income for each partner. Consider any special allocations outlined in the partnership agreement.
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