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Business, 15.10.2019 23:30 mlesky7901

Susie q is a cash-basis taxpayer, is a partner in s & p accounting services. as part of the partnership agreement, susie q is to receive 35% of the partnership’s profits or losses. the partners may each make withdrawals of $9,000 each month for living expenses. susie q withdrew $99,000 during the year as her monthly draw in 2019. last year susie q received $30,000 as her share of distributed 2019 profits. in october the partnership fell short on cash so susie q as her other partners was required to invest an additional $15,000 in the partnership. the partnership earnings before partners’ withdrawals for 2019 totaled $900,000. compute susie q’s gross income from the partnership for 2019.

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