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Partrnership XYZ has three equal partners and uses a calendar year end. For the current year XYZ has ordinary income of $180,000. On April 30
Partrnership XYZ has three equal partners and uses a calendar year end. For the current year XYZ has ordinary income of $180,000. On April 30 Z sells her one-third interest to W. Assuming the partnership does not close its books on April 30, what is Z's distributive share and on what day does this share flow to her?
$20,000 on April 30.
$20,000 on December 31.
$60,000 on April 30.
$60,000 on December 31.
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