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Malcolm Manufacturing, a general partnership, was formed this year by two partners, Pearl Jones and Susan Krillner. Each has a 50% interest in the partnership
Malcolm Manufacturing, a general partnership, was formed this year by two partners, Pearl Jones and Susan Krillner. Each has a 50% interest in the partnership capital, profits and losses. This year, the company reported taxable income of $150,000. It distributed $30,000 each to Pearl and Susan. How much income must Pearl report on her individual tax return this year as a result of her investment in the partnership?
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