QUESTION 13 Mutt and Jeff are general partners in M&J Partnership and share profits and losses equally. Partnership operations for the current tax year resulted in the following: ORDINARY BUSINESS INCOME $ 100,000 CAPITAL GAIN $ 10,000 TOTAL CASH DISTRIBUTIONS TO PARTNERS $ 60,000 Ignoring Sec 199A deduction, how much total income will Mutt include as part of his current year taxable income? $30,000 $85,000 $80,000 $55,000 $50,000 QUESTION 14 Ms. Fresh brought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2011. On December 31, 2021, she sold all 1,000 shares of her Ibis stock for $4,500. Based on a hot tip from her friend, she bought 1,000 shares of Ibis stock on January 23, 2022, for $3,000. What is Ms. Fresh's basis in her 1,000 shares purchased in 2022? $2,500 $3,000 $3,500 $5,000