Question: Exercise 13-32 (Algorithmic) (LO. 5) Henry is a 30% partner in HJ Partnership. For 2016, the tax form he receives from HJ (Schedule K-1 of

Exercise 13-32 (Algorithmic) (LO. 5) Henry is a 30% partner in HJ Partnership. For 2016, the tax form he receives from HJ (Schedule K-1 of Form 1065) shows business income of $45,480. During 2016, Henry received a $19,850 distribution from H). Assume Henry's basis in the partnership is $39,700. a. How much must Henry report on his Form 1040 from HJ for 2016 b. Assume H3 is a S corporation. How much must Henry report on his Form 1040 from HJ for 2016

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