Assume Larry, Moe, and Curly each own 33.33 % of a general partnership. The partnership shows $126,000 in net income for the 2018 year. Which of the following statements is true
Larry, Moe, and Curly will report 1/3 of what remains of net income after the tax on their partnership is levied
Larry, Moe, and Curly will each report $42,000 of taxable income on their personal tax returns
The partnership will be taxed for any applicable income taxes on these earnings.
Larry, Moe, and Curly will each report partnership earnings of $126,000 on their personal tax returns