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Difference between realized and recognized income

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Rachel is a limited partner in Starship Partners. In 2018, Starship reported that Rachel's share of dividend income was $3,700 and her share of municipal interest was $2,750. Early in 2018, Rachel found a bundle of $100 bills in the alley outside his apartment. When no one claimed the money, the cash (a total of $2,400) was returned to Rachel. Finally, Rachel earned salary of $42,000 but almost $6,500 was withheld for income taxes and FICA tax. Compute Rachel's 2018 (a) realized income and (b) recognized income. If there is there is a difference between realized and recognized income, explain why.

Reference no: EM132364619

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