Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2022,
In addition, Charles and his wife, Charlene, had the following items relating to activities outside the partnership:

Charles and Charlene file a joint tax return. Calculate the following items for Charles and Charlene. (Ignore the deduction for one-half of self-employment tax.)

a. Adjusted gross income (AGI)

b. Taxable income

c. Tax liability

d. Taxes due or refund

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Partnership ordinary income Tax-exempt income Qualified dividend income Short-term capital loss Sec. 1231 loss Charitable contributions Cash distribution Guaranteed payment $105,000 1,000 3,000 20,000 17,000 2,000 60,000 40,000