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Kari is a limited partner in Lizard Partnership. This year, Kari's share of partnership ordinary income is $20,000, and she received a cash distribution of

image text in transcribed Kari is a limited partner in Lizard Partnership. This year, Kari's share of partnership ordinary income is $20,000, and she received a cash distribution of $30,000. Kari's tax basis in her partnership interest at the beginning of the year was $50,000. Her marginal tax rate is 22 percent. Kari qualifies for the QBI deduction, without regard to the wage or taxable income limitations. Required: a. Calculate the tax cost of Kari's partnership earnings this year. Answer is complete but not entirely correct. b. Compute Kari's after-tax cash flow from her partnership activity this year. Answer is complete but not entirely correct

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