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You are a partner in a partnership. During the year you invested $25,000, withdrew $40,000 and the partnership gave you a Form K-1 that showed

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You are a partner in a partnership. During the year you invested $25,000, withdrew $40,000 and the partnership gave you a Form K-1 that showed your share of profits was $20,000. What is your taxable income from the partnership for the year? a. $25,000 b. $40,000 c. $20,000

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