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Question - Annette owns a 40% general partnership interest in the Moore Partnership and a 65% general partnership interest in the Johnston Partnership. Under the respective partnership agreements, Annette receives 70% of the profits from each partnership. On August 9 of the current year, Moore Partnership sold land to Johnston Partnership for $400,000. Moore's adjusted basis in the land was $500,000. Moore Partnership reported net income of $200,000 after including the loss on the land sale. What amount of income must Annette report for her interest in Moore Partnership?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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