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Julian and Tanya each contribute $50,000 cash to form the M&T Partnership on January 4, 2018. Julian and Tanya share profits and losses in the ratio of 60% and 40%, respectively. During 2018, the partnership generates ordinary income of $80,000. A cash distribution of $5,000 is made to Julian in December 2018. How much income must Julian recognize from the partnership in 2018?
World's Annual Tonnage
The total amount of goods and materials measured in tons that are produced or transported globally in a year.
Plant Species
Distinct groups within the plant kingdom, characterized by shared genetic traits, morphology, and ability to interbreed, contributing to biodiversity.
Jericho
One of the oldest continuously inhabited cities in the world, located in the West Bank, known for its ancient architectural remains.
Massive Walls
Large and often imposing structures built for defensive purposes, to protect cities, castles, or specific areas from invasion or attack.
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