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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 37 percent. Amit qualifies for the Section 199A deduction, without regard to the wage limitation. a. Calculate the tax cost of Amit's partnership earnings this year.

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