New York University ACCT-UB ACCT-UB 1002 V, a partner in the Z Partnership, has a 30% participation in the partnership profits and losses. V’s capital account has a net decrease of 1,200,000…
partnership profits and losses. V’s capital account has a net decrease of 1,200,000 during the calendar year 2020. During 2020, he withdrew 2,600,000 (charged against his capital account) and contributed property valued at 500,000 to the partnership. What was the net income of the Z Partnership for year 2020?
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