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Robert and Green Corporation own 30% and 70% of partnerhsip XYZ LP respectively. The partnership...

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Accounting

Robert and Green Corporation own 30% and 70% of partnerhsip XYZ LP respectively. The partnership earns $200,000 of taxable income for year ending December 31, 2021. The partnership agreement states that profits will be shared 50/50. Assuming that the agreement has substantial economic effect, Green will report income of $100,000 from the partnership in 2021?

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