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Upon the formation of a partnership, Smith contributed 70% of the net assets, while Jones contributed 30%. However, Jones has special expertise in the business
Upon the formation of a partnership, Smith contributed 70% of the net assets, while Jones contributed 30%. However, Jones has special expertise in the business undertaken by the partnership. In recognition of this fact, the partnership agreement specifies that Jones is entitled to an additional 10% of the net assets of the business. Under the agreement, Smiths capital share is:
40%
50%
60%
70%
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