True/False
Rhonda has a 30% interest in the capital and profits of the ABC Partnership.Her share of the profits for 2012 was $90,000.She withdrew $40,000 from the partnership in 2012.In January 2013, after her share of the profits for 2012 had been computed, she withdrew her remaining $50,000 share of 2012 profits.As a result, Rhonda must recognize $40,000 of gross income in 2012 and $50,000 in 2013.
Correct Answer:
Verified
Correct Answer:
Verified
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