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Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected...

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Accounting

Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50,000 of ordinary income, $1,000 of interest income, and a cash distribution of $35,000. Amit's marginal tax rate is 39.6 percent. a. Calculate the tax cost of Amit's partnership earnings this year. b. Calculate Amit's after-tax cash flow from his partnership activity this year.

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