True/False
Jeff owns a 30% interest in a partnership that earned $100,000 in the current year.He also owns 30% of the stock in a C corporation that earned $100,000 during the year.The corporation did not make any distributions,and the partnership distributed $20,000 to him.Jeff must report $30,000 of income on his individual tax return.
Correct Answer:
Verified
Correct Answer:
Verified
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