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A Moving to another question will save this response Question 28 Sophia owns 20% of a partnership that reported net income of $130,000 for the year. During the year $18,000 was distributed to Sophia from the partnership. How much should Sophia include in her taxable income for the year? $44,000 $29,000 $26,000 O $44,000 > A Moving to another question will save this response.-> Moving to another question will save this response. Question 29 Which of the following is not a characteristic of both S corporations and partnerships? O Both are flow through entities Owners increase basis for debt undertaken by S corporation or partnership O Both forms limit owner's participation in tax-free fringe benefits O Owner's increase basis for gains and decrease basis for losses > A Moving to another question will save this response.> Click Submit to complete this assessment. Question 30 Which of the following best describes horizontal equity? O All taxpayers should pay some taxes on their incomes As income increases, taxes should increase O Persons with equal incomes should pay the same amount of taxes O A person with capital gains should pay less tax than a person with the same amount of salary income Ly AClick Submit to complete this assessment