Donald Owns a 40% Interest in a Partnership That Earned

question 38

True/False

Donald owns a 40% interest in a partnership that earned $140,000 in the current year.He also owns 40% of the stock in a C corporation that earned $140,000 during the year.Donald received $30,000 in distributions from each of the two entities during the year.With respect to this information,Donald must report $60,000 of income on his individual income tax return for the year.

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Definitions:

Cesium-137

A radioactive isotope of cesium with a half-life of about 30.17 years, commonly used in medical applications and industrial gauges.

Gamma Ray Emission

A type of radioactive decay where an unstable nucleus emits a gamma ray to become more stable.

Beta Particle Emission

A radioactive decay process where an unstable atomic nucleus emits a beta particle, which is a high-speed electron or positron, as part of the transformation to a stable state.

Alpha Particle Emission

A type of radioactive decay in which an atomic nucleus releases an alpha particle (2 protons and 2 neutrons) and transforms into an atom with a mass number 4 units less and atomic number 2 units less.