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Wayne owns a 30% interest in the capital and profits of emerald company ( a calendar year partnership ) . For tax year 2016 the
Wayne owns a 30% interest in the capital and profits of emerald company ( a calendar year partnership ) . For tax year 2016 the partnership earned revenue of 900,000 and had operating expenses of 660,000. During the year Wayne withdrew from the partnership a total of 90,000. he also invested an additionl 30,000 In the partnership.For 2016, Waynes gross income from the partnership is : ?
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