Rex purchased a 30% interest in a partnership for $200,000. In 2022, the partnership generated $400,000 of

Question:

Rex purchased a 30% interest in a partnership for $200,000. In 2022, the partnership generated $400,000 of taxable income and Rex withdrew $100,000. In 2023, the partnership earned $600,000 of taxable income and Rex withdrew $200,000. What is Rex’s gross income from the partnership in 2022 and 2023?

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