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

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Carolyn has a 50 percent interest in a general partnership that has a $14,000 loss for the year. She materially participates in the partnership. Her basis in the partnership is $10,000. She also has salary from other employment of $46,000. If she is single with $10,350 in allowable deductions, what is her taxable income and her tax liability in 2016?

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Taxation For Decision Makers 2017

ISBN: 9781119330417

2017 Edition

Authors: Shirley Dennis-Escoffier, Karen A. Fortin

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