CPA Reg Quiz
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FEDERAL TAXATION OF ENTITIES
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Xenon Partners is a general partnership with partners Y1 and Z1. The partnership agreement provides that profits and losses are allocated 70% to Y1 and 30% to Z1, with no special allocations. Xenon has $90,000 of ordinary business income for the year. Based on the partnership agreement, how should income be allocated under IRC Section 704(a)?
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