Solved

The Partnership of Truman and Hanover Realized the Following Items

Question 39

Multiple Choice

The partnership of Truman and Hanover realized the following items of income during the current tax year:  Net income from operations $65,000 Dividends received from domestic corporations 4,000 Interest income on corporate bonds 3,000 Net long-term capital gains 5,000 Net short-term capital gains 1,000\begin{array}{lr}\text { Net income from operations } & \$ 65,000 \\\text { Dividends received from domestic corporations } & 4,000 \\\text { Interest income on corporate bonds } & 3,000 \\\text { Net long-term capital gains } & 5,000 \\\text { Net short-term capital gains } & 1,000\end{array} Both the partners are on a calendar year basis. What is the total income which should be reported as ordinary income from business activities of the partnership for the current tax year?


A) $0
B) $65,000
C) $69,000
D) $71,000
E) None of these

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents