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The TJ Partnership has two equal partners, Troy and John. In the current year, the partnership earns $300,000 of ordinary income (all business) and recognizes
The
TJ
Partnership has two equal partners,
Troy
and
John.
In the current year, the partnership earns
$300,000
of ordinary income (all business) and recognizes a
$15,400
long-term capital gain.
Troy
is married, files a joint return, and claims a standard deduction. Other than partnership items,
Troy
has only a
$6,400
short-term capital loss at the individual level. What is
Troy's
taxable income?
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