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The CAT Partnership earned ordinary income of $210,000 in 2014. The partnership has three equal partners, Carl, Allen, and Tom. Tom, who is single, uses
The CAT Partnership earned ordinary income of $210,000 in 2014. The partnership has three equal partners, Carl, Allen, and Tom. Tom, who is single, uses the standard deduction, and has other income of $13,000 (not connected with the partnership) in 2014. He receives a $35,000 distribution from the partnership during the year. What is Tom's taxable income in 2014?
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Adjusted gross income (AGI) |
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Minus: | Deductions from AGI: |
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Tom's taxable income |
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