Question: Exercise 13-26 (Algorithmic) (LO. 5) Henry is a 40% partner in HJ Partnership. This year, the tax form he receives from HJ (Schedule K-1 of

Exercise 13-26 (Algorithmic) (LO. 5) Henry is a 40% partner in

Exercise 13-26 (Algorithmic) (LO. 5) Henry is a 40% partner in HJ Partnership. This year, the tax form he receives from HJ (Schedule K-1 of Form 1065) shows business income of $86,560. During the year, Henry received a $22,125 distribution from HJ. Assume Henry's basis in the partnership is $44,250. a. How much must Henry report on his Form 1040 from HJ for the tax year? $ b. Assume HJ is a S corporation. How much must Henry report on his Form 1040 from HJ for the tax year

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