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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?
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