Jeff Owns a 30% Interest in a Partnership That Earned

question 32

True/False

Jeff owns a 30% interest in a partnership that earned $100,000 in the current year.He also owns 30% of the stock in a C corporation that earned $100,000 during the year.The corporation did not make any distributions,and the partnership distributed $20,000 to him.Jeff must report $30,000 of income on his individual tax return.

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Definitions:

Type B Personality

A personality type that is laid back and less scheduled.

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