64. TAXABLE INCOME CALCULATION - PARTNERSHIP INCOME - 10 POINTS Iris and Jason file a joint return. Iris is an executive with a corporation, earning an $800,000 salary. Jason is a 50% partner in JK Partnership. He works full-time in the partnership. Jason's basis in his partnership interest at the beginning of the year is $1 million. In the current year, the partnership reports an ordinary loss of $1.2 million, half of which is allocated to Jason. There were no separately stated items, no distributions made and no changes in liabilities. Iris and Jason earned $100,000 of dividend income from their investment portfolio. They do not itemize deductions. REQUIRED: Compute the 2019 taxable income for Iris and Jason. Discuss the treatment of any income or loss items not recognized in 2019