QUESTION 12 Jill has a 50% interest in the capital and profits of the E Partnership. Her share of the profits for 2019 was $80,000. She withdrew $40,000 from the partnership in 2019. In January 2020, after her share of the profits for 2019 had been computed, she withdrew her remaining $40,000 share of 2019 profits. As a result, Jill must recognize $40,000 of gross income in 2019 and $40,000 in 2020. True False