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For the current year ended December 31, the Gas Partnership had book income of $240,000, which included the following: Long-term capital gains $30,000 Dividends from
For the current year ended December 31, the Gas Partnership had book income of $240,000, which included the following: Long-term capital gains $30,000 Dividends from domestic corporations 6,000 Interest from municipal bonds 60,000 Assume Ms. Bear, a 30% partner, has substantial dividend income from other sources and no other capital asset transactions. She should report taxable income from her partnership interest of
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