Don, Peggy and Roger operate an adverstising agency located on madison avenue in new york as a partnership. Don owns 60%

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Don, Peggy and Roger operate an adverstising agency located on madison avenue in new york as a partnership. Don owns 60%

Post by answerhappygod »

Don, Peggy and Roger operate an adverstising agency located on
madison avenue in new york as a partnership. Don owns 60% of the
business, peggy owns 30% and Roger 10% for the current year, the
advertising agency reports the following from its operations:
Sales Revenue 972000
Trade & business Expenses (salaries utilities, rent )
457000
charitable contributions 30000
Short term capital losses 46000
long term capital gains 15000
by how much will Don's AGI increase due to his partnership
activities? Assume he has no other capital gains or losses. note
QBI is deducted after AGI and before taxable income.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”