What is included in Jerry's gross income as a deductible loss in the first year if they organize the business as a partnership?
A)$4,200
B)$8,750
C)$12,950
D)$13,300
E)$19,000

Question

Quizplus · Accepted Answer

In a partnership, each partner can deduct their share of the partnership's losses on their personal tax return. The deductible loss for Jerry would be $12,950, assuming this is his share of the partnership's loss.

What Is Included in Jerry's Gross Income as a Deductible