Business, 10.11.2019 03:31 nora45102p45bzz

On january 2 of the current year, calloway and taylor contribute cash equally to form the ct partnership. calloway and taylor share profits and losses in a ratio of 75% and 25%, respectively. the partnership's ordinary income for the year was $40,000. calloway received a distribution of $5,000 during the year. what is calloway's share of taxable income for the year?

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On january 2 of the current year, calloway and taylor contribute cash equally to form the ct partner...