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Tom, Tim and Tony operate a restaurant named Fish and Chips as a partnership. Tom owns 40%; Tim and Tony each own 30%. For the
Tom, Tim and Tony operate a restaurant named Fish and Chips as a partnership. Tom owns 40%; Tim and Tony each own 30%. For the year, Fish and Chips reports the following: What amount will Tony report as his ordinary income from the partnership? Select one: a. $63,000 b. $47,250 c. $40,500 d. $40,800
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