Question
47. The XYZ Partnership reports the following operating results for the current year: Net long-term capital loss ($40,000) Net Sec. 1231 loss ( 16,000) Ordinary
47.
The XYZ Partnership reports the following operating results for the current year:
| Net long-term capital loss | ($40,000) |
| Net Sec. 1231 loss | ( 16,000) |
| Ordinary income | 50,000 |
Tai has a 20% profits interest and a 25% loss interest in the XYZ Partnership. His distributive share of ordinary income is
| a. | $8,500. | |
| b. | $12,500. | |
| c. | $10,000. | |
| d. | $6,800. |
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Financial Accounting An Introduction
Authors: Alex Watson, Jacqui Kew
5th Edition
0190425520, 978-0190425524
