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Is jerry correct about the partnership income

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Question

The JD Partnership reported the following current year? earnings: $ 40,000 interest from? tax-exempt bonds, $ 35,000 ?long-term capital? gain, and $ 80,000 net income from operations.

Jerry saw these numbers and told his? partner, Debbie?, that the partnership had $ 80,000 of taxable income. Is he? correct? Explain your answer.

Reference no: EM132314936

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