During 2022, Marvin had the following transactions:

Salary	$80,000
Long term capital gain	4,000
Short term capital loss	8,000

Marvins AGI is:

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Joe purchased a 10% interest in a partnership for $150,000. In 2022, the partnership generated $100,000 of taxable income, and Joe withdrew $5,000.

What is Joe's gross income from the partnership in 2022?

$15,000

$10,000

$105,000

$110,000

$140,000

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In 2021 Joe purchased a 10% interest in a partnership for $150,000. In 2022 the partnership generated $100,000 of taxable income, and Joe withdrew $5,000.

What is Joe's basis in the partnership at the end of 2022?

$150,000

$245,000

$155,000

$250,000

$145,000