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After college you start a 5 0 5 0 partnership business with a classmate that during its first year of operation generates business income of
After college you start a partnership business with a classmate that during its
first year of operation generates business income of $ all of which is
distributed to the partners. If your distribution from the partnership is your only taxable
income, what are your tax liability, aftertax income, marginal tax rate, and average
tax rate?
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