10 Janet and Denise do business as the JD Partnership sharing profits and losses equally. All parties use the calendar year for tax purposes. On January 1 of the current year, Janet's basis in her Partnership was was $36,000. Janet made no withdrawals from the Partnership during the year. The Partnership sustained an Operating (Nonseparately State) Loss of $80,000 in the curent year Janet's personal Federal Income Tax Retum for the current year should include O An Ordinary Loss of $36,000 and a Capital Loss of $4,000 O An Ordinary Loss of $40,000 OA Capital Loss of $40,000 O An Ordinary Loss of $36,000. QUESTION 11 Pitti uses a June 30 fiscal year July 1-June 30). She owns a fifty percent (50%) profit and loss interest in a calendar year (January 1-December 313 Partnership. For the immediately preceding year (January 1, 2021 December 31, 2021), the Partnership's Taxable Income was $20,000 and for the current year (anuary 1, 2022-December 31, 2022) the Partnership's Taxable income was $80,000 During the immediately preceding year (January 1, 2021 December 31, 2021), the Partnership paid Pitti a Guaranteed Payment of $400 per month. During the current year Ganuary 1, 2022-December 31, 2022), the Partnership paid Pitti a Guaranteed Payment of $500 per month. The remaining fifty percent (50%) interest of the Partnership is owned by Patti, a calendar year taxpayer (anuary 1. December 31), who does not receive any Guaranteed Payments. The amount of Income from the Partnership that Patti must report on her personal Federal Income Tax Return (Form 1040) for her tas year that ends December 31, 2022 is: $10,000. $40,000 O $5,000. $-0.. QUESTION 12 k Save and Submit to save and submit. Click Save All Answers to save all answers