Question
48. In the current year, the POD Partnership received revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities, and $20,000 as a distribution to partner Olivia. In addition, the partnership earned
$6,000 of long-term capital gains during the year. Partner Donald owns a 50% interest in the partnership. How much income must Donald report for the tax year? A. $68,000 ordinary income.B. $78,000 ordinary income.C. $65,000 ordinary income; $3,000 of long-term capital gains.D. $75,000 ordinary income; $3,000 of long-term capital gains.E. None of the above.
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Subject:
Accounting, Business