The MM Partnership has two equal partners, Matthew and Mark. In the current year, the partnership earns $320,000 of ordinary income (all business) and recognizes a $14,400 long-term capital gain. Matthew is married, files a joint return, and claims a standard deduction. Other than partnership items, Matthew has only a $5,500 short-term capital loss at the individual level. What is Matthew's taxable income? (Ignore the deduction for one-half of self-employment tax.) View the standard deduction schedule Adjusted gross income Minus: Minus: Taxable income

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The MM Partnership has two equal partners, Matthew and Mark. In the current year, the partnership earns long-term capital gain. Matthew is married, files a joint return, and claims a standard deduction. Other than individual level. What is Matthew's taxable income? (Ignore the deduction for one-half of self-employment t Schedule of Standard Deductions long-tern capth gap has two equal parthers. Mathew and Mark in the cuirent year, the parthership eams $320,000 of ordinary income (all business) and recognizes a $14.400 homidual level What is Matthed's taxable income? (lgnoee the deduction for one-hall of solf-employment tax) Vine the standard dedurtionschedule Adjusted gross income Minus: Minus: Taxable income Adjusted gross income Minus: Minus: Taxable ir Itemized deductions Standard deduction QBI deduction