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Christie purchases a one-third interest in the Corporate Capital Partnership (CCP) in 2006 for $40,000. During 2006, CCP earns an income of $90,000, and Christie withdraws $30,000 in cash from the partnership. In 2007, CCP suffers a loss of $30,000, and Christie withdraws $10,000. What are the tax consequences for Christie of this investment in 2006 and 2007?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442617

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