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QUESTION
In the current year, mr. z sold 50% of his business to his son, b. the resulting partnership had a profit of $80,000. capital was a material income-producing factor. mr. z performed services worth $50
In the current year, mr. z sold 50% of his business to his son,
b. the resulting partnership had a profit of $80,000. capital was a material income-producing factor. mr. z performed services worth $50,000, which was reasonable compensation. what is the maximum amount of income b can report from the partnership for the year?
