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What is Rex gross income from the partnership

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Reference no: EM132655318

Problem - Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2019, the partnership generated $400,000 of taxable income and Rex withdrew $100,000. In 2020, the partnership had $600,000 of taxable income and Rex withdrew $200,000. What is Rex's gross income from the partnership in 2019 and 2020?

Reference no: EM132655318

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