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 inc...
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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Homework Answers
Solution:
Tom's taxable income 2014
Income from partnership =$35,000
Other income =$13,000
Ordinary income($210,000 * 1/3) =$70,000
Adjusted Gross income =$ 118,000
Minus: Deduction from AGI
standard deduction
6200 for 2014 $6,200
personal income $4050 =($2,150)
Tom's taxable income =$ 115,850
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