Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2019, the partnership generated $400,000 of taxable income, and Rex withdrew $100,000. In 2020, the partnership had $600,000 of taxable income, and Rex withdrew $200,000.What is Rex's gross income from the partnership in 2019 and 2020?

1. Rex's gross income from the partnership in 2019 is $120,000.

2. Rex's gross income from the partnership in 2020 is $180,000.

Explanation:

Rex's gross income from the partnership will definitely be different from the actual amount he withdrew in 2019 and 2020.

In the question, it is assumed that taxable income, which is the income before tax is deducted, is equal to the gross income. Therefore, each partner's share the gross income is obtained by multiplying his profit sharing percentage by the taxable income of the partnership.

These are calculated for Rex as follows:

For 2019:

Partnership taxable income = $400,000

Rex profit sharing percentage = 30%

Rex's gross income = $400,000 × 30% = $120,000

For 2020:

Partnership taxable income = $600,000

Rex profit sharing percentage = 30%

Rex's gross income = $600,000 × 30% = $180,000

Conclusion

Therefore, Rex's gross income from the partnership in 2019 is $120,000 and in 2020 is $180,000

answer; i believe the correct answer is radioactive decay);

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number