Thelma & Louise formed a partnership; each contributed $50,000. They share income and losses equally. The partnership also borrowed $200,000. During the year, Thelma received a $40,000 payment from the partnership for managing the business. In the first year, the business reported income from operations of 120,000, after properly deducting the payment to Thelma. The business also made distributions from income of $30,000 to each of the two owners (totaling 60,000) This is the only Income that either partner had this year. What is Louise's AGI?

Income Tax