The LM Partnership has two equal partners, Liam and Martin. In the current year, the partnership earns

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The LM Partnership has two equal partners, Liam and Martin. In the current year, the partnership earns $400,000 of ordinary income (all business) and recognizes a $15,000 long-term capital gain. Liam is married, files a joint return, and claims a standard deduction. Other than partnership items, Liam has only a $6,000 short-term capital loss at the individual level. What is Liam’s taxable income?

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Related Book For  answer-question

Pearsons Federal Taxation 2023 Individuals

ISBN: 9780137700127

36th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse

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