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

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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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Related Book For  answer-question

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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