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Hanna and Molly form a 50-50 partnership, each contributing $75,000. The partnership buys as an investment a portfolio of non-dividend paying corporate stock. After 10 years, during which the partnership continues the original portfolio, the portfolio is worth $1 million. The partnership sells portfolio (assume no commissions) and liquidates, distributing the sales proceeds, which are the partnership's only assets. How are Sally and Ann taxed over the years with regards to their involvement in this partnership?

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