Julian and Tanya each contribute $50,000 cash to form the J&T Partnership on January 4, 20X1. Julian and Tanya share profits and losses in the ratio of 60% and 40%, respectively. During 20X1, the partnership generates ordinary income of $80,000. How much income must Julian recognize from the partnership in 20X1?

Answer rating: 100% (QA)

To determine how much income Julian must recognize from the partnership in 20X1 we fi... View the full answer