Question

You are a 25% partner of ABC, LP. Here are some additional facts – • ABC's 2020 partnership tax return, when filed, will show that it earned total taxable 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?

Answer 1

Answer:

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Explanation:

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Answer 2

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= 25% × $1,400,000 ÷ 100

= $350,000

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