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20-11-2020
Business

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Partner A earns $59,000 from a partnership. Partner B earns $48,000 but withdraws only $40,000. How much must Partner B report in his income tax return as income?

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Parrain Parrain

22-11-2020

Answer: $48,000

Explanation:

The entire amount earned by Partner B is what is reported not just the amount they decide to withdraw so Partner B will record the entire $48,000 that they earned from the partnership.

Personal income taxes are made on gross figures not net which is why the full amount is recorded.

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