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Michael Adams has a 40% interest in a partnership. During the current year, the partnership realized capital gains of $60,000, received non-eligible dividends of $20,000,
Michael Adams has a 40% interest in a partnership. During the current year, the partnership realized capital gains of $60,000, received non-eligible dividends of $20,000, and made charitable donations of $10,000. Michael has made no charitable donations personally. He has no income that will be subject to the 33% federal income tax rate. Which of the following statements is correct?
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