Question
Martin Aggerwal has a 30 percent interest in a partnership. During the current year, the partnership realized capital gains of $42,000, received non-eligible dividends of
Martin Aggerwal has a 30 percent interest in a partnership. During the current year, the partnership realized capital gains of $42,000, received non-eligible dividends of $15,000, and made charitable donations of $6,000. Martin is not eligible for the first-time donors super credit and has made no charitable donations personally. Which of the following statements is correct?
Martin will report taxable capital gains of $6,300, will have a federal dividend tax credit of $585, and a charitable donations tax credit of $494. | ||
Martin will report taxable capital gains of $12,600, will have a federal dividend tax credit of $585, and a charitable donations tax credit of $513.60. | ||
Martin will report taxable capital gains of $6,300, will have a federal dividend tax credit of $810, and a charitable donations tax credit of $494. | ||
Martin will report taxable capital gains of $6,300, will have a federal dividend tax credit of $585, and a charitable donations tax credit of $513.60. |
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