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You are a 25% partner of ABC, LP. Here are some additional facts ABCs 2020 partnership tax return, when filed, will show that it earned
You are a 25% partner of ABC, LP. Here are some additional facts ABCs 2020 partnership tax return, when filed, will show that it earned totaltaxable income for the year 2020 of exactly $1,740,000. ABC distributed cash to its partners during 2020 in the aggregate total amount (i.e., to all partners as a group) of $1,400,000. What total taxable income amount will you be reporting on your 2020 Form 1040 (when filed) as a result of your status as an ABC partner?
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