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On January 2 of the current year, Calloway and Taylor contribute cash equally t form the CT Partnership. Calloway and Taylor share profits and losses

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On January 2 of the current year, Calloway and Taylor contribute cash equally t form the CT Partnership. Calloway and Taylor share profits and losses in a ratio 75% and 25%, respectively. The partnership's ordinary income for the year $40,000. Calloway received a distribution of $5,000 during the year. What Calloway's share of taxable income for the year

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