Alex and Colin are the only two partners in Magnolia, a part…
Alex and Colin are the only two partners in Magnolia, a partnership. Each partner has a 50 percent profits interest in the business. This year, Magnolia reports net income of $600,000 and distributes $200,000 to each partner ($400,000 total). What amount of income must Alex report on his individual tax return related to the partnership?
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