Don, Peggy and Roger operate an adverstising agency located on madison avenue in new york as a
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Question:
Don, Peggy and Roger operate an adverstising agency located on madison avenue in new york as a partnership. Don owns 60% of the business, peggy owns 30% and Roger 10% for the current year, the advertising agency reports the following from its operations:
Sales Revenue 972000
Trade & business Expenses (salaries utilities, rent ) 457000
charitable contributions 30000
Short term capital losses 46000
long term capital gains 15000
by how much will Don's AGI increase due to his partnership activities? Assume he has no other capital gains or losses. note QBI is deducted after AGI and before taxable income.
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