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How much must Henry report

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Problem - Henry is a 50% partner in HJ Partnership. This year, the tax form he receives from HJ (Schedule K-1 of Form 1065) shows business income of $40,000. During the year, Henry received a $10,000 distribution from HJ.

Required -

a. How much must Henry report on his Form 1040 from HJ for the tax year?

b. How would your answer change if HJ were instead an S corporation?

Reference no: EM132649389

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