1. A partnership has four equal partners who share profits and losses in accordance with...
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1. A partnership has four equal partners who share profits and losses in accordance with their respective interests. It has \\( \\$ 400,000 \\) in taxable income but doesn't distribute any cash to the partners. a. What amount of income will the partnership report on its tax return? None. There is no business income tax on a partnership. b. What amount of the partnership's taxable income will be subject to tax at the partnership level? c. Will each partner recognize taxable income from their interest in the partnership? If so, how much? d. If \\( \\mathrm{ABC} \\) was a corporation with four equal owners, how would this change your answers in parts (a)(c)
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