Rex purchased a 30% interest in a partnership for $200,000. In 2021, the partnership generated $400,000 of
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Rex purchased a 30% interest in a partnership for $200,000. In 2021, the partnership generated $400,000 of taxable income and Rex withdrew $100,000. In 2022, the partnership earned $600,000 of taxable income and Rex withdrew $200,000. What is Rex’s gross income from the partnership in 2021 and 2022?
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Answer His gross income from the business will be 30 of the profits for the year Rex gr...View the full answer
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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