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Jean and Mary each have a 50% interest in JM Partnership The partnership and the partners all file calendar year tax returns. For the Year
Jean and Mary each have a 50% interest in JM Partnership The partnership and the partners all file calendar year tax returns. For the Year 1 tax year return, JM Partnership had a $22,000 loss. Jean's adjusted basis in her partnership interest on January 1. Year 1, was $5,000. JM Partnership reported a $25,000 gain on its Year 2 tax year return. There are no other adjustments to Jean's basis in the partnership for Year 1 or Year 2. There were no distributions to the partners in either year. What is the amount of partnership income (loss) that Jean will show on her Year 2 individual Form 1040? A. $6,500 B. $1,500 C. $12,500 ianet Select the best
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