Ben and Jack Partnership had the following results during the taxable year: Income from operations ($110,000) Loss Capital Gain from Sale of land 25,000 Charitable Contributions 10,000 Kelly, a 50 percent partner, had an adjusted basis of $42,500 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Kelly should report which of the following amounts? O a. Ordinary Loss Capital Gain Charitable Contributions $47,500 $12,500 $5,000 O b. Ordinary Loss Capital Gain Charitable Contributions $55,000 $12,500 $5,000 O. Ordinary Loss Capital Gain Charitable Contributions $40,000 $12,500 $5,000 O d. Ordinary Loss Capital Gain Charitable Contributions $50,000 $12,500 $5,000

Ben and Jack Partnership had the following results during the taxable year: Income from operations ($110,000) Loss Capital Gain from Sale of land 25,000 Charitable Contributions 10,000 Kelly, a 50 percent partner, had an adjusted basis of $42,500 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Kelly should report which of the following amounts? O a. Ordinary Loss Capital Gain Charitable Contributions $47,500 $12,500 $5,000 O b. Ordinary Loss Capital Gain Charitable Contributions $55,000 $12,500 $5,000 O. Ordinary Loss Capital Gain Charitable Contributions $40,000 $12,500 $5,000 O d. Ordinary Loss Capital Gain Charitable Contributions $50,000 $12,500 $5,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Answer last two subpart only