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Business, 10.07.2019 03:20 juliana211

Meg and abby are equal partners in the am partnership, which earns $40,000 ordinary income, $6,000 long-term capital gain (ltcg), and $2,000 sec. 1231 loss during the current year. what is the amount and character of income that must be reported on abby's tax return for this year's partnership operations? a. $20,000 ordinary income, $3,000 ltcg, $1,000 sec. 1231 loss. b. $19,000 ordinary income, $2,000 ltcg. c. $20,000 ordinary income, $4,000 ltcg. d. $19,000 ordinary income, $1,000 sec. 1231 loss.

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Meg and abby are equal partners in the am partnership, which earns $40,000 ordinary income, $6,000 l...

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