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In the current year, the DELI Partnership received revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities and $20,000 as
In the current year, the DELI Partnership received revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities and $20,000 as a distribution to partner Don. In addition, the partnership earned a $6,000 of long-term capital gains during the year. Partner Connie owns a 50% interest in the partnership. How much income must Connie report for the tax year?
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
