Carolyn has a 50 percent interest in a partnership that has a $14,000 loss for the year She materially participates in the partnership, but she also has salary from other employment of $46,000 If she is single with no dependents, what is her taxable income in 2013 and what is her tax liability ...

Taxable income 29000 and the tax liability is 390375 46000 Salary minus 7000 Partne ...

Carolyn has a 50 percent interest in a partnership that has a $14,000 loss for the year.

Question:

Carolyn has a 50 percent interest in a that has a $14,000 loss for the year. She materially participates in the but she also has salary from other employment of $46,000. If she is single with no dependents, what is her taxable income in 2013 and what is her tax liability?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...