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QUESTION 29 Jeanette and Charla do business as the JC Partnership, sharing profits and losses equally. All parties use the calendar year for tax purposes.

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QUESTION 29 Jeanette and Charla do business as the JC Partnership, sharing profits and losses equally. All parties use the calendar year for tax purposes. On January 1, 2021, Jeanette's basis in her Partnership Interest was $25,000 and she made no withdrawals during the year. The Partnership sustained an Operating Lossle. Nonseparately Stated Items) of $90,000 in 2021. There were no other transactions for the Partnership for the tax year of 2021. Jeanette's personal Federal Income Tax Return (Form 1040) for 2021 should include: An Ordinary Loss of $25,000 and a Capital Loss of $20,000 An Ordinary Loss of $25,000 An Ordinary loss of $40,000 ind a Capital Loss of $5,000, An Ordinary Loss of $45,000

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