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In the current year, the POD Partnership received revenues of $200,000 and paid the following amounts: $50.000 in rent and its and $20,000 as a
In the current year, the POD Partnership received revenues of $200,000 and paid the following amounts: $50.000 in rent and its and $20,000 as a distribution to partner Olivia. In addition, the partnership earned $5,000 of long-term capital gains during the year. Partner Donald owns a 50% Interest in the partnership. How much income must Donald report for the tax year? a. $65,000 ordinary income: $3,000 of long-term capital gains. b. $68,000 ordinary income. Oc. $78,000 ordinary income. d. 375,000 ordinary income; $3,000 of long-term capital gains
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