The SWC Partnership reported the following current year earnings: $40,000 interest from tax-exempt bonds, $60,000 long-term capital gain, and $200,000 net income from operations. Robert, a 50% partner told his colleague Wilma, also a 50% partner that the partnership had $200,000 of taxable income in the current year.

Is he correct? Explain

Calculate How much will each partner report of their individual tax returns?

Answer rating: 100% (QA)

No he is not correct because 60000 of cap... View the full answer