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The BW Partnership reported the following current earnings: $30,000 interest from tax exempt bonds, $50,000 in long-term capital gains, and $100,000 income from operations. Bob
The BW Partnership reported the following current earnings: $30,000 interest from tax exempt bonds, $50,000 in long-term capital gains, and $100,000 income from operations. Bob saw these numbers and told his partner, Wendy that the partnership had $100,000 in taxable income. Is this correct? Explain
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