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TO0l 3s HinUtes 5b seconds Jean and Mary each have a 50% interest in JM Partnership The partnership and the partners all file calendar year
TO0l 3s HinUtes 5b seconds Jean and Mary each have a 50% interest in JM Partnership The partnership and the partners all file calendar year tax turns. For the YeBr 1 tax year return, JM Partnership had a $22,000 loss. Jean's adjusted basis in her partnership st on Januar 1, Year 1, was $5,000 JM Partnership reported a $25,000 gain on its Year 2 tax year return. There are no other adjustments to Jean's basis in the partnership for Year 1 or Year 2. There were no distributions to the partners in either year. What is the amount of partnership inc Form 1040? A. $6,500 B. C. $1,500 $12.500 D. S0
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