Ruben and Albert are both calendar-year taxpayers, and are equal partners in the RA Partnership, which has
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Ruben and Albert are both calendar-year taxpayers, and are equal partners in the RA Partnership, which has a fiscal year ending on October 31. During the 2019-2020 fiscal year the partnership earns $15,000 each month, and during the 2020-2021 fiscal year the partnership earns $20,000 each month.
The partnership distributes $30,000 cash to Ruben in January 2020 and $40,000 cash to Albert in December 2020. How much income will each partner have to recognize from the partnership for 2020?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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