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Barry and Kurt are equal parthers in the BK Partnership. Barry recelves a guaranteed payment of $61,000. In addition to the guaranteed payment, Barry withdraws
Barry and Kurt are equal parthers in the BK Partnership. Barry recelves a guaranteed payment of $61,000. In addition to the guaranteed payment, Barry withdraws $13,000 from the partnership. The partnership has $28,800 in ordinary income during the yeac. Requitred: a. How much income must Barry report from BK Partnership? b. What is the effect of the distribution on Barry's partnership basis
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