Reference no: EM133077239

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?