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Help with this please. Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2019, the partnership reported the total
Help with this please.
Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2019, the partnership reported the total items below (100%) on its Form 1065: 10,000 Ordinary income $180,000 Qualified dividends Long-term capital loss (12,000) Long-term capital gain 28,000 Charitable contributions 4,000 Cash distributions to partners 150,000 Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Income Dawn's salary $40,000 Qualified dividends 3,000 Deductions Mortgage interest 12,000 Real estate taxes 5,800 Charitable contributions 3,000 Howard and Dawn have two children. During 2019, Dawn had $4,500 in federal income taxes withheld from her salary and Howard made four estimated tax pay- ments of $2,500 each ($10,000 total). Compute Howard and Dawn's Federal income tax liability for 2019 and whether they have a balance due or a tax refund. Ignore the child tax creditsStep by Step Solution
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