The GG Partnership has two equal partners, Gary and George. In the current year (2020), the partnership earns $300,000 of ordinary income (all business). In addition, to the ordinary income the partnership had $10,000 in capital gains. George is married, files a joint return, and claims a standard deduction.
What is George’s taxable income?
A. $25,040.
B. $30,000.
C. $100,160.
D. $150,000.
Answers: 2
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The GG Partnership has two equal partners, Gary and George. In the current year (2020), the partners...
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