Minnie Reed is a partner in Computer Works, a retail store. During the current year, she withdraws
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Minnie Reed is a partner in Computer Works, a retail store. During the current year, she withdraws $45,000 in cash from this business and takes for her personal use inventory costing $3,200. Her share of the partnership net income for the year amounts to $39,000. What amount must Reed report on her personal income tax return?
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Reeds personal income tax return must report the total of her distributive sha...View the full answer
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Related Book For 
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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