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James is a partner in GHI Partnership, a partnership that uses the cash basis of accounting for tax purposes. In 2023, GHI Partnership allocated the

James is a partner in GHI Partnership, a partnership that uses the cash basis of accounting for tax purposes. In 2023, GHI Partnership allocated the following net income to James:
Partner Allocated Net Income
James $150,000
Can James deduct this amount on his personal income tax return?

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